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E 4-2 Income statement format p. 212 The foll...

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E 4-2 Income statement format p. 212 The following is a partial trial balance for General Lighting Corporation as of December 31, 2011: account title debits credits sales revenue 2,350,000 rental revenue 80,000 loss on sale of equipment 22,500 loss from flood damage 120,000 cost of goods sold 1,200,300 loss from write down of inventory 200,000 ( due to obsolescence) salaries expense 300,000 depreciation expense 100,000 interest expense 90,000 rent expense 50,000 300,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been accrued. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2011, including EPS disclosures. 2. Prepare a multiple-step income statement for 2011, including EPS disclosures.

 

Paper#2889 | Written in 18-Jul-2015

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