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The following is a partial trial balance for GS Corporation as of December 31, 2013: Account Title Sales revenue Interest revenue Gain on sale of
The following is a partial trial balance for GS Corporation as of December 31, 2013: Account Title Sales revenue Interest revenue Gain on sale of investments cost of Goods sold Selling expenses General and admin expenses Interest expense Debits Credits 2,600,000 100,000 80,000 1.560,000 525,000 310,000 60,000 Other info: Income tax is at the rate of 2% on sales revenues. Also 300,000 common shares were outstanding throughout 2013 Prepare a multistep income statement and answer the following questions: Calculate the amount of operating income Calculate the amount of income tax expense Calculate the Gross Profit percent Calculate the Earnings Per Share Calculate the amount of net income
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