The following is a partial year-end adjusted trial balance.
The following is a partial year-end adjusted trial balance.
| Account Title | Debits | Credits | |||||
| Sales revenue | $ | 410,000 | |||||
| Loss on sale of investments | $ | 44,000 | |||||
| Interest revenue | 4,000 | ||||||
| Cost of goods sold | 215,000 | ||||||
| General and administrative expense | 51,000 | ||||||
| Restructuring costs | 55,500 | ||||||
| Selling expense | 30,500 | ||||||
| Income tax expense | ? | ||||||
Income tax expense has not yet been recorded. The income tax rate is 25%.
a. Determine the operating income (loss).
b. Determine the income (loss) before income taxes.
c. Determine the net income (loss).
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2021. Income tax expense has not yet been recorded. The income tax
rate is 25%. Required: Prepare a single-step
income statement for 2021, including EPS disclosures. Prepare a
multiple-step income statement for 2021, including EPS
disclosures.
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The following is a partial trial balance for General Lighting
Corporation as of December 31, 2021:
There were 200,000 shares of common stock outstanding throughout
2021. Income tax expense has not yet been recorded. The income tax
rate is 25%. Required: Prepare a single-step
income statement for 2021, including EPS disclosures. Prepare a
multiple-step income statement for 2021, including EPS
disclosures.
Debits Credits 2,900,000 91,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold...
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