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  • Jun 30, 2011, 08:48 PM
    acctstudentt
    Income Statement Assistance Please!
    Can you please give some guidance as to how I can do this? Any help would be really appreciated!

    Use the following partial trial balance to prepare and multiple-step income statement with earning per share disclosure on December 31, 2009.

    Plano Co. 12/31/09 Debits Credits
    Partial Trial Balance Data

    Sales revenue 700,000
    Interest revenue 60,000
    Gain on sale of land (infrequent but not unusual item) 110,000
    Cost of goods sold 500,000
    Salaries and wages 150,000
    Depreciation expense 40,000
    Interest expense 30,000
    Marketing and administrative expenses 60,000

    Plano had 50,000 of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%.

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