The following is a partial trial balance for General Lighting Corporation as of December 31, 2018 Account title Sales revenue 2,350,000 Interest revenue 80,000 Loss on sale of investments 22,500 Cost of goods sold 1,200,000 Loss from write-down of inventory due to obsolescence 200,000 Selling expenses 300,000 General and administrative expense 150,000 Interest expense 90,000 300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The 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.
The following is a partial
Account title
Sales revenue 2,350,000
Interest revenue 80,000
Loss on sale of investments 22,500
Cost of goods sold 1,200,000
Loss from write-down of inventory due to obsolescence 200,000 Selling expenses 300,000
General and administrative expense 150,000
Interest expense 90,000
300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The 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.
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