Homework Answers
Earning per share = Net Income / Shares Outstanding
Single step income statement
Earning per share = $388,800 / 200,000 shares
= $1.94
Multi step income statement
Earning per share = $388,800 / 200,000 shares
= $1.94
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The following is a partial trial balance for General...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
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...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 2,900,000 Interest revenue 91,000 Loss on sale of investments 28,000 Cost of goods sold 1,300,000 Loss on inventory write-down (obsolescence) 310,000 Selling expense 410,000 General and administrative expense 205,000 Interest expense 90,000 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...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,950,000 92,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 28,500 1,310,000 320,000 420,000 210,000 91,000 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....
The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Partial Trial Balance Account Title Debits Credits Sales revenue 2,350,000.00 Interest revenue 80,000.00 Loss on sale of investments 22,500.00 Cost of goods sold 1,200,300.00 Loss from write-down of inventory due to obsolescence 200,000.00 Selling expenses 300,000.00 General and administrative expenses 150,000.00 Interest expense 90,000.00 300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,950,000 92,000 points Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 28,500 1,310,000 320,000 420,000 210,000 91,000 eBook Hint There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is...
Please answer both The following is a partial trial balance for General Lighting Corporation as of...
Please answer both
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,650,000 86,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense points 25,500 1,250,000 260,000 360,000 180,000 85,000 Skipped eBook There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 3, 200,000 97,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 31,000 1,360,000 370,000 470,000 235,000 96,000 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:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Account Title Debits Credits Sales revenue 2,500,000 Interest revenue 83,000 Loss on sale of investments 24,000 Cost of goods sold 1,220,000 Loss on inventory write-down (obsolescence) 230,000 Selling expense 330,000 General and administrative expense 165,000 Interest expense 82,000 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...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,600,000 85,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 25,000 1,240,000 250,000 350,000 175,000 84,000 There were 340,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. TH income tax rate is 25%. Required: 1....
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,700,000 87,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 26,000 1,260,000 270,000 370,000 185,000 86,000 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....
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...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,950,000 92,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 28,500 1,310,000 320,000 420,000 210,000 91,000 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....
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,950,000 92,000 points Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 28,500 1,310,000 320,000 420,000 210,000 91,000 eBook Hint There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is...
Please answer both
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,650,000 86,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense points 25,500 1,250,000 260,000 360,000 180,000 85,000 Skipped eBook There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 3, 200,000 97,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 31,000 1,360,000 370,000 470,000 235,000 96,000 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:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,600,000 85,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 25,000 1,240,000 250,000 350,000 175,000 84,000 There were 340,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. TH income tax rate is 25%. Required: 1....
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,700,000 87,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense 26,000 1,260,000 270,000 370,000 185,000 86,000 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....
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