The following is a partial trial balance for General Lighting Corporation as of December 31,...
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Accounting
The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:
| Account Title | Debits | Credits |
| Sales revenue |
| 2,350,000 |
| Interest revenue |
| 80,000 |
| Loss on sale of investments | 22,500 |
|
| Cost of goods sold | 1,200,300 |
|
| Loss from 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 of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax 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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