he following isa partial trial balance for General Lighting Corporation as ofDecember 31, 2016:...he...

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Accounting

he following isa partial trial balance for General Lighting Corporation as ofDecember 31, 2016:
  Account Title Debits Credits
  Sales revenue 2,350,000
  Interest revenue 80,000
  Losson sale of investments 22,500
  Costof goods sold 1,200,300
  Lossfrom write-down of inventory due to obsolescence 200,000
  Selling expenses 300,000
  General and administrative expenses 150,000
  Interest expense 90,000
300,000 shares ofcommon stock were outstanding throughout 2016. Income tax expensehas not yet been recorded. The income tax rate is 40%.
Required:
1.
Prepare a single-stepincome statement for 2016, including EPS disclosures.(Round EPS answers to 2 decimal places.)
2.
Prepare amultiple-step income statement for 2016, including EPS disclosures.(Round EPS answers to 2 decimal places.)

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3.8 Ratings (659 Votes)

1 General Lighting Corporation Income Statement For the year ended 31 December 2016 Revenues and Gains Sales Revenue 2350000 Interest Revenue 80000 Total Revenues and Gains 2430000 Expenses and Losses Loss on sale of investment 22500 Cost of goods See Answer

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In: Accountinghe following isa partial trial balance for General Lighting Corporation as ofDecember 31, 2016:...he following isa partial trial balance for General Lighting Corporation as ofDecember 31, 2016: Account TitleDebitsCredits Sales revenue2,350,000 Interest revenue80,000 Losson sale of investments22,500 Costof goods sold1,200,300 Lossfrom write-down of inventory due to obsolescence200,000 Selling expenses300,000 General and administrative expenses150,000 Interest expense90,000 300,000 shares ofcommon stock were outstanding throughout 2016. Income tax expensehas not yet been recorded. The income tax rate is 40%.Required:1.Prepare a single-stepincome statement for 2016, including EPS disclosures.(Round EPS answers to 2 decimal places.)2.Prepare amultiple-step income statement for 2016, including EPS disclosures.(Round EPS answers to 2 decimal places.)

Account Title	Debits	Credits
Sales revenue		2,350,000
Interest revenue		80,000
Losson sale of investments	22,500
Costof goods sold	1,200,300
Lossfrom write-down of inventory due to obsolescence	200,000
Selling expenses	300,000
General and administrative expenses	150,000
Interest expense	90,000