Question
I need help preparing a single-step and a multi-step income statement for the following: The following is a partial trial balance for General Lighting Corporation
I need help preparing a single-step and a multi-step income statement for the following:
The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:
Account Title
Sales revenue2,350,000
Interest revenue80,000
Loss on sale of investments 22,500
Cost of goods sold1,200,300
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%.
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