The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account TitleDebitsCreditsSales revenue 3,050,000Interest revenue 94,000Loss on sale of investments29,500 Cost of goods sold1,330,000 Loss on inventory write-down (obsolescence)340,000 Selling expense440,000 General and administrative expense220,000 Interest expense93,000 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.

Here in this question, we are required to prepare single step income statement and multiple step…

Answered: he following is a partial trial balance…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The 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