The following is a partial trial balance for General Lighting Corporation as of December $31,2024$:

Account Title Debits Credits

Sales revenue $ $2,950,000$

Interest revenue $92,000$

Loss on sale of investments $ $28,500$

Cost of goods sold $1,310,000$

Loss on inventory write$-$down $($obsolescence$)320,000$

Selling expense $420,000$

General and administrative expense $210,000$

Interest expense $91,000$

Income tax expense has not yet been recorded. The income tax rate is $25\%$ of income before income taxes.

Required:

Prepare a single$-$step income statement for $2024.$

Prepare a multiple$-$step income statement for $2024.$

Answer rating: 100% (QA)

lets break down the preparation of the income statements step by step with explanations SingleStep Income Statement for 2024 1 Revenue a Sales Revenue ... View the full answer