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 |
|
|
|
||
"Looking for a Similar Assignment? Order now and Get a Discount!
