Need help calculating the earnings per share.
The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses Interest expense Debits Credits 2,900,000 91,000 28,000 1,300,000 310,000 410,000 205,000 90,000 200,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a single-step income statement for 2018, including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues and gains $ Sales revenue 2,900,000 Interest revenue 91,000 Total revenues and gains 2.991.000 Cost of goods sold Selling expenses General and administrative expenses Interest expense Loss on sale of investments Loss from inventory write-down SSSOS S 1,300,000 410.000 205,000 90,000 28,000 310,000 Total expenses and losses Income before income taxes Income tax expense Net Income 12.343,000 648.000 259.200 $ 388,801 Earnings per share 151.25) The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Debits Credits 2,900,000 91,800 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses Interest expense 28,000 1,300,000 310,000 410,000 205,000 90,000 200,000 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a multiple-step income statement for 2018, including EPS disclosures. (Round EPS answer to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.) Show less GENERAL LIGHTING CORPORATION Income Statement For the Year Ended December 31, 2018 Sales revenue 2,900,000 Cost of goods sold 1,300,000 Gross profit 1,600,000 Operating expenses Selling expenses 410.000 General and administrative expenses 205,000 Loss from inventory write-down310,000 Q SSS 925,000 675.000 Total operating expenses Operating income Other income (expense) Interest expense Loss on sale of investments Interest revenue Total other income (expense) net Income before income taxes Income tax expense Net Income SUSOOSSSSS (90,000 (28,000 91,000 (27,000) 648.000 259,200 $ 388,800 Earnings per share S 24X)
