Why the income tax expense has not yet been accrued


The adjusted trial balance of Pacific Scientific Corporation on December 31, 2013, the end of the company's fiscal year, contained the following income statement items: sales revenue, $2,105; cost of goods sold, $1,250; selling expenses, $120; general and administrative expenses, $110; interest expense, $35; and gain on sale of investments, $50. Income tax expense has not yet been accrued. The income tax rate is 30%.

Prepare a multiple-step income statement for 2013. Ignore EPS disclosures.

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Finance Basics: Why the income tax expense has not yet been accrued
Reference No:- TGS0724748

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