The following is a partial trial balance for General Lighting Corporation as of December 31, 2016:CreditsAccount TitleDebitsSales revenue2,350,00080,000Interest revenueLoss on sale of investments22,500Cost of goods soldLoss from write-down of inventory due to obsolescenceSelling expensesGeneral and administrative expenses1,200,300200,000300,000150,000Interest expense90,000300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet beenrecorded. The income tax rate is 40%.Required:1. Prepare a single-step income statement for 2016, including EPS disclosures.2. Prepare a multiple-step income statement for 2016, including EPS disclosures.

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Asked Jan 15, 2020
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The following is a partial trial balance for General Lighting Corporation as of December 31, 2016:
Credits
Account Title
Debits
Sales revenue
2,350,000
80,000
Interest revenue
Loss on sale of investments
22,500
Cost of goods sold
Loss from write-down of inventory due to obsolescence
Selling expenses
General and administrative expenses
1,200,300
200,000
300,000
150,000
Interest expense
90,000
300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been
recorded. The income tax rate is 40%.
Required:
1. Prepare a single-step income statement for 2016, including EPS disclosures.
2. Prepare a multiple-step income statement for 2016, including EPS disclosures.
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The following is a partial trial balance for General Lighting Corporation as of December 31, 2016: Credits Account Title Debits Sales revenue 2,350,000 80,000 Interest revenue Loss on sale of investments 22,500 Cost of goods sold Loss from write-down of inventory due to obsolescence Selling expenses General and administrative expenses 1,200,300 200,000 300,000 150,000 Interest expense 90,000 300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2016, including EPS disclosures. 2. Prepare a multiple-step income statement for 2016, including EPS disclosures.

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