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Exercise 4-2 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
Exercise 4-2 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, 2016: |
Account Title | Debits | Credits |
Sales revenue | 1,200,000 | |
Interest revenue | 31,000 | |
Gain on sale of investments | 51,000 | |
Cost of goods sold | 700,000 | |
Selling expenses | 165,000 | |
General and administrative expenses | 76,000 | |
Interest expense | 41,000 | |
Income tax expense | 131,000 |
130,000 shares of common stock were outstanding throughout 2016. |
Required: | |
1. | Prepare a single-step income statement for 2016, including EPS disclosures.(Round EPS answer to 2 decimal places.) |
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