he following is a partial trial balance for General Lighting Corporation as of December 31, 2016: Account...

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Accounting

he following is a partial trial balance for General LightingCorporation as of December 31, 2016:
  Account Title Debits Credits
  Sales revenue 2,550,000
  Interest revenue 84,000
  Loss on sale of investments 24,500
  Cost of goods sold 1,230,000
  Loss from write-down of inventory due toobsolescence 240,000
  Selling expenses 340,000
  General and administrative expenses 170,000
  Interest expense 83,000
300,000 shares of common stock were outstanding throughout 2016.Income tax expense has not yet been recorded. The income tax rateis 40%.
Required:
1.
Prepare a single-step income statement for 2016, including EPSdisclosures. (Round EPS answers to 2 decimalplaces.)


2.
Prepare a multiple-step income statement for 2016, including EPSdisclosures. (Round EPS answers to 2 decimalplaces.)

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3.7 Ratings (331 Votes)

1 General Lighting Corporation Income Statement For the year ended 31 December 2016 Revenues and Gains Sales Revenue 2550000 Interest Revenue 84000 Total Revenues and Gains 2634000 Expenses and Losses Loss on sale of investment 24500 Cost of goods See Answer

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Account Title	Debits		Credits
Sales revenue				2,550,000
Interest revenue				84,000
Loss on sale of investments		24,500
Cost of goods sold		1,230,000
Loss from write-down of inventory due toobsolescence		240,000
Selling expenses		340,000
General and administrative expenses		170,000
Interest expense		83,000

Required:
1.	Prepare a single-step income statement for 2016, including EPSdisclosures. (Round EPS answers to 2 decimalplaces.)

2.	Prepare a multiple-step income statement for 2016, including EPSdisclosures. (Round EPS answers to 2 decimalplaces.)