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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, 2018:
Account Title | Debits | Credits |
Sales revenue | 1,350,000 | |
Interest revenue | 34,000 | |
Gain on sale of investments | 54,000 | |
Cost of goods sold | 730,000 | |
Selling expenses | 180,000 | |
General and administrative expenses | 79,000 | |
Interest expense | 44,000 | |
Income tax expense | 134,000 | |
100,000 shares of common stock were outstanding throughout 2018. 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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