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Exercise 4-3 (Static) Income statement format; single step and multiple step [LO4-1, 4-3, 4-5]
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:
| Account Title | Debits | Credits |
| Sales revenue | | 2,350,000 |
| Interest revenue | | 80,000 |
| Loss on sale of investments | 22,500 | |
| Cost of goods sold | 1,200,300 | |
| Loss on inventory write-down (obsolescence) | 200,000 | |
| Selling expense | 300,000 | |
| General and administrative expense | 150,000 | |
| Interest expense | 90,000 | |
| |
There were 160,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%.
Required:
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Prepare a single-step income statement for 2021, including EPS disclosures.
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Prepare a multiple-step income statement for 2021, including EPS disclosures.
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