- The Following Is A Partial Trial Balance For General Lighting Corporation As Of December 31 2021 Account Title Debits 1 (55.6 KiB) Viewed 36 times
- The Following Is A Partial Trial Balance For General Lighting Corporation As Of December 31 2021 Account Title Debits 2 (57.73 KiB) Viewed 36 times
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 2,650,000 $6,000 Interest revenue Loss on sale of investments 25,500 Cost of goods sold 1,250,000 Loss on inventory write-down (obsolescence) 260,000 Selling expense 360,000 General and administrative expense 100,000 85,000 Interest expense There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The Income tax rate is 25% Required: 1. Prepare a single-step income
statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income
statement for 2021, Including EPS disclosures. Complete this
question by entering your answers in the tabs below. Required 1 Required 2 Prepare a single-step Income
statement for 2021, Including EPS disclosures. (Round EPS answer to 2 decimal places.) GENERAL LIGHTING CORPORATION Income
Statement For the Year Ended December 31, 2021 Revenues and gains: Total revenues and gains Expenses and losses: Total expenses and losses Income before income taxes Net income Earnings per share Maquired 1 Required 2 >
Complete this
question by entering your answers in the tabs below. Required 1 Required 2 Prepare a multiple-step income
statement for 2021, Including EPS disclosures. (Round EPS answer to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.) GENERAL LIGHTING CORPORATION Income
Statement For the Year Ended December 31, 2021 Gross profit 0 Operating expenses: 0 0 Hequired 2 > Total operating expenses Operating income Other income (expense): Total other income (expense), net Income before income taxes Net Income Earnings per share < Required 1