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.)
Answer & Explanation
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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
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