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The following is a partial trial balance for General Lighting Corporation as of December 31, 2016: Credits Account Title Debits Sales revenue 2,350,000 80,000 Interest revenue Loss on sale of investments 22,500 Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses 1,200,300 200,000 300,000 150,000 Interest expense 90,000 300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2016, including EPS disclosures. 2. Prepare a multiple-step income statement for 2016, including EPS disclosures.

The following is a partial trial balance for General Lighting Corporation as of December 31, 2016: Credits Account Title Debits Sales revenue 2,350,000 80,000 Interest revenue Loss on sale of investments 22,500 Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses 1,200,300 200,000 300,000 150,000 Interest expense 90,000 300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2016, including EPS disclosures. 2. Prepare a multiple-step income statement for 2016, including EPS disclosures.

FINANCIAL ACCOUNTING
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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The following is a partial trial balance for General Lighting Corporation as of December 31, 2016: Credits Account Title Debits Sales revenue 2,350,000 80,000 Interest revenue Loss on sale of investments 22,500 Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses 1,200,300 200,000 300,000 150,000 Interest expense 90,000 300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2016, including EPS disclosures. 2. Prepare a multiple-step income statement for 2016, including EPS disclosures.
Transcribed Image Text:The following is a partial trial balance for General Lighting Corporation as of December 31, 2016: Credits Account Title Debits Sales revenue 2,350,000 80,000 Interest revenue Loss on sale of investments 22,500 Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses 1,200,300 200,000 300,000 150,000 Interest expense 90,000 300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2016, including EPS disclosures. 2. Prepare a multiple-step income statement for 2016, including EPS disclosures.
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