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The following is a partial trial balance for the Green Star Corporation as of December 31, 2018: Account Title Debits Credits Sales revenue 1,400,000 Interest
The following is a partial trial balance for the Green Star Corporation as of December 31, 2018:
Account Title | Debits | Credits |
Sales revenue | 1,400,000 | |
Interest revenue | 35,000 | |
Gain on sale of investments | 55,000 | |
Cost of goods sold | 740,000 | |
Selling expenses | 185,000 | |
General and administrative expenses | 80,000 | |
Interest expense | 45,000 | |
Income tax expense | 135,000 | |
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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Prepare a single-step income statement for 2018, including EPS disclosures. (Round EPS answer to 2 decimal places.) GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues and gains: Sales revenue 1,400,000 Interest revenue 35,000 Gain on sale of investments 55,000 Total revenues and gains 1,490,000 Expenses and losses: Cost of goods sold 740,000 General and administrative expenses 78,000 Selling expenses 185,000 45,000 Interest expense Total expenses and losses 1,048,000 Income before income taxes 442,000 Income tax expense (135,000) 307.000 Net.income.. Required 1 Required 2 Prepare a multiple-step income statement for 2018, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.) GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2018 Sales revenue 1,400,000 (740,000) Cost of goods sold Gross profit Operating expenses: General and administrative expenses 80,000 Selling expenses 185,000 Total operating expenses 265,000 Operating income (265,000) Other income (expense): Interest revenue 35,000 55,000 Gain on sale of investments Total operating expenses 265,000 Operating income (265,000) Other income (expense): Interest revenue 35,000 55,000 Gain on sale of investments (45,000) Interest expense Total other income, net 45,000 Income before income taxes (220,000) ncome tax expense Net income Earnings per shareStep by Step Solution
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