The below is a partial trial balance for General Lighting Corporation as of December 31, 2021: account
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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.
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