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

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

Required:
1. Prepare a single-step income statement. An example of a single-step income statement can be found in Illustration 4–3.

2. Prepare a multiple-step income statement. An example of a multiple-step income statement can be found in Illustration 4–4.

Transcribed Image Text:

Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense Debits $ 22,500 1,200,300 200,000 300,000 150,000 90,000 Credits $2,350,000 80,000