he following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 3,050,000 Interest revenue 94,000 Loss on sale of investments 29,500 Cost of goods sold 1,330,000 Loss on inventory write-down (obsolescence) 340,000 Selling expense 440,000 General and administrative expense 220,000 Interest expense 93,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement for 2021, including EPS disclosures. Prepare a multiple-step income statement for 2021, including EPS disclosures.
he following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 3,050,000 Interest revenue 94,000 Loss on sale of investments 29,500 Cost of goods sold 1,330,000 Loss on inventory write-down (obsolescence) 340,000 Selling expense 440,000 General and administrative expense 220,000 Interest expense 93,000 There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement for 2021, including EPS disclosures. Prepare a multiple-step income statement for 2021, including EPS disclosures.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following is a partial
| Account Title | Debits | Credits |
| Sales revenue | 3,050,000 | |
| Interest revenue | 94,000 | |
| Loss on sale of investments | 29,500 | |
| Cost of goods sold | 1,330,000 | |
| Loss on inventory write-down (obsolescence) | 340,000 | |
| Selling expense | 440,000 | |
| General and administrative expense | 220,000 | |
| Interest expense | 93,000 | |
There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%.
Required:
-
Prepare a single-step income statement for 2021, including EPS disclosures.
-
Prepare a multiple-step income statement for 2021, including EPS disclosures.
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