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Exercise 4-2 (Algo) Income statement format; single step and multiple step [LO4. 1,4-5) The following is a partial trial balance for the Green Star Corporation
Exercise 4-2 (Algo) Income statement format; single step and multiple step [LO4. 1,4-5) The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 1,600,000 Interest revenue 39,000 Gain on sale of investments 59,000 Cost of goods sold 780,000 Selling expenses 205,000 General and administrative expenses 84,000 Interest expense 49,000 Income tax expense 139,000 There were 140,000 shares of common stock outstanding throughout 2021. 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
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