BE4-2 Multi-step Income Statement
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2009, the end of the company’s fiscal year, contained the following income statement items ($ in millions):
| Sales revenue | 2,106 |
| Cost of goods sold | 1,240 |
| Selling expenses | 126 |
| General and administrative expenses | 105 |
| Interest expense | 35 |
| Gain on sale of investments | 45 |
Income tax expense has not yet been accrued. The income tax rate is 40%.
If the company’s accountant prepared a multi-step income statement, what amount would appear in the statement for:
(a) operating income
(b) nonoperating income
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