Question

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BUVU Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does The following is a partial trial balance for the Green Star Corporation as of December 31, 2021 Debits Credits 1,750, eee 42, eee 62, eee Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 810, eee 220,000 87,000 52,000 142,000 There were 150,000 shares of common stock outstanding throughout 2021. 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. Prey 1 of 6 Next > earch

Answer 1

1 GREEN STAR CORPORATION Income Statement For the Year Ended December 31,2021 Revenues and Gains: Sales Revenue Interest revenue Gain on Sale of investment Total revenue and gains $ 1750000 42,000 62,000 18,54,000 Expenses and Losses: Cost of Goods Sold Selling Expenses General and Administrative Expense Interest Expenses Total Expenses and Losses Income Before Income tax Income tax expense Net income $ 810000 2,20,000 87,000 52,000 11,69,000 6,85,000 1,42,000 5,43,000 EPS (543000/150000) $ 3.62

2 $ 1750000 8,10,000 9,40,000 GREEN STAR CORPORATION Income Statement For the Year Ended December 31,2021 Sales Revenue Cost of Goods Sold Gross Profit Operating Expense Selling Expenses 2,20,000 General and Administrative Expense 87,000 Total Operating Expenses Operating Income Other Income/Expenses Interest revenue 42,000 Gain on Sale of investment 62,000 Interest Expenses (52000) Total Other income-net Income Before Income tax Income tax expense Net income 3,07,000 6,33,000 52,000 6,85,000 1,42,000 5,43,000 EPS (543000 / 150000) $ 3.62

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