The below is a partial trial balance for General Lighting Corporation as of December 31, 2021: account
Fantastic news! We've Found the answer you've been seeking!
Question:
The below is a partial trial balance for General Lighting Corporation as of December 31, 2021:
| account title | Debts | Credits |
| sales revenue | 3,000,000 | |
| The return on an investment | 93,000 | |
| Loss on sale of investments | 29,000 | |
| cost of goods sold | 1,320,000 | |
| Loss due to inventory reduction (obsolescence) | 330.000 | |
| Selling expenses | 430.000 | |
| General and adminsitrative expenses | 215,000 | |
| Interest expenses | 92,000 | |
There were 300,000 common shares outstanding through 2021. The income tax expense has yet to be recorded. The income tax rate is 25%.
Required:
Prepare a one-step income statement for 2021, including EPS disclosures.
Prepare a multi-step income statement for 2021, including EPS disclosures.
Expert Answer:
OneStep Income Statement for 2021 General Lighting Corporation Income Statement For the Year Ended D... View the full answer
Related Book For 
Posted Date:
