Question

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:

300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%.

Required:

1. Prepare a single-step income statement for 2018, including EPS disclosures.

2. Prepare a multiple-step income statement for 2018, including EPS disclosures.

Account Title

Debits

Credits

Sales revenue

 

3,200,000

Interest revenue

 

97,000

Loss on sale of investments

31,000

 

Cost of goods sold

1,360,000

 

Loss from write-down of inventory due to obsolescence

370,000

 

Selling expenses

470,000

 

General and administrative expenses

235,000

 

Interest expense

96,000

 

 

     

 

 

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