Exercise 4-3 (Algo) Income statement format; single step and multiple step [LO4-1, 4-3, 4-5) The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits Account Title 2,800,000 89,000 Sales revenue Interest revenue 27,000 1,280,000 290,000 390,000 195,000 88,000 Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. T income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

Exercise 4-3 (Algo) Income statement format; single step and multiple step [LO4-1, 4-3, 4-5) The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits Account Title 2,800,000 89,000 Sales revenue Interest revenue 27,000 1,280,000 290,000 390,000 195,000 88,000 Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. T income tax rate is 25%. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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