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The following is a partial trial balance for G...

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The following is a partial trial balance for General Lighting Corporation as of December 31, 2013: Account Title Debits Credits Sales revenue 2,800,000 Rental revenue 89,000 Loss on sale of investments 27,000 Loss from flood damage (event is both unusual and infrequent) 210,000 Cost of goods sold 1,280,000 Loss from write-down of inventory due to obsolescence 290,000 Selling expenses 390,000 General and administrative expenses 195,000 Interest expense 88,000 -------------------------------------------------------------------------------- 200,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet been accrued. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.) 2. Prepare a multiple-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

 

Paper#2888 | Written in 18-Jul-2015

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