The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Sales revenue Interest revenue 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 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The 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. Complete this question by entering your answers in the tabs below. Revenues and gains: Total revenues and gains Expenses and losses: Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Inc Debits 26,500 1,270,000 280,000 380,000 190,000 87,080 Total expenses and losses before inc taxes Net income Earnings per share Required 1 Credits 2,750,000 88,000 Required 2 >
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Sales revenue Interest revenue 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 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The 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. Complete this question by entering your answers in the tabs below. Revenues and gains: Total revenues and gains Expenses and losses: Required 1 Required 2 Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2021 Inc Debits 26,500 1,270,000 280,000 380,000 190,000 87,080 Total expenses and losses before inc taxes Net income Earnings per share Required 1 Credits 2,750,000 88,000 Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
Transcribed Image Text:Required 1 Required 2
Prepare a multiple-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.
Amounts to be deducted should be indicated with a minus sign.)
GENERAL LIGHTING CORPORATION
Income Statement
For the Year Ended December 31, 2021
Gross profit
Operating expenses:
Total operating expenses
Operating income
Other income (expense):
Total other income (expense), net
Income before income taxes
Net income
Earnings per share
< Required 1
Required 2 >
Transcribed Image Text:The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:
Account Title
Sales revenue
Interest revenue
Loss on sale of investments
Cost of goods sold
Loss on Inventory write-down (obsolescence)
Selling expense
General and administrative expense
Interest expense
Complete this question by entering your answers in the tabs below.
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:
1. Prepare a single-step Income statement for 2021, Including EPS disclosures.
2. Prepare a multiple-step Income statement for 2021, Including EPS disclosures.
Revenues and gains:
Total revenues and gains
Expenses and losses:
Debits
26,580
1,270,000
280,000
380,000
Total expenses and losses
Income before income taxes
Required 1 Required 2
Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.)
GENERAL LIGHTING CORPORATION
Income Statement
For the Year Ended December 31, 2021
Net income
Earnings per share
190,000
87,080
< Required 1
Credits
2,750,000
88,000
Required 2 >
Expert Solution
Step 1
Introduction:
An income statement is a financial report that depicts the income and expenses of a company. It also shows whether a business is profitable or losing money over a given time frame. The income statement, together with the balance sheet and cash flow statement, assists you in understanding your company's financial health.
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