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ACC - General Lighting Corporation

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Question;The following is a partial trial balance for General Lighting Corporation as of December 31, 2013:Account Title Debits CreditsSales revenue 2,350,000Rental revenue 80,000Loss on sale of investments 22,500Loss from flood damage (event is both unusual and infrequent) 120,000Cost of goods sold 1,200,300Loss from write-down of inventory due to obsolescence 200,000Selling expense 300,000General and administrative expenses 150,000Interest expense 90,000300,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet been accrued. The income tax rate is 40%.

 

Paper#40452 | Written in 18-Jul-2015

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