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The following is a partial trial balance for General Lighting Corporation as of December 31, 2016: Account Title Debits Credits Sales revenue 2,550,000 Interest revenue
The following is a partial trial balance for General Lighting Corporation as of December 31, 2016: |
Account Title | Debits | Credits | ||||
Sales revenue | 2,550,000 | |||||
Interest revenue | 84,000 | |||||
Loss on sale of investments | 24,500 | |||||
Cost of goods sold | 1,230,000 | |||||
Loss from write-down of inventory due to obsolescence | 240,000 | |||||
Selling expenses | 340,000 | |||||
General and administrative expenses | 170,000 | |||||
Interest expense | 83,000 | |||||
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300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%. |
Required: | |
1. | Prepare a single-step income statement for 2016, including EPS disclosures. (Round EPS answers to 2 decimal places.) |
2. | Prepare a multiple-step income statement for 2016, including EPS disclosures. (Round EPS answers to 2 decimal places.) |
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