The following is a partial trial balance for General Lighting Corporation as of December 31, 2013:
| Account Title |
Debits |
Credits |
| Sales revenue |
|
2,350,000 |
| Rental revenue |
|
80,000 |
| Loss on sale of investments |
22,500 |
|
| Loss from flood damage (event is both unusual and infrequent) |
120,000 |
|
| Cost of goods sold |
1,200,300 |
|
| Loss from write-down of inventory due to obsolescence |
200,000 |
|
| Selling expense |
300,000 |
|
| General and administrative expenses |
150,000 |
|
| Interest expense |
90,000 |
|
|
|
300,000 shares of common stock were outstanding throughout 2013. Income tax expense has not yet been accrued. The income tax rate is 40%.
|
| Required: |
| 1. |
Prepare a single-step income statement for 2013, including EPS disclosures. (Round EPS answers to 2 decimal places.)
|
Prepare a multiple-step income statement for 2013, including EPS disclosures. (Round EPS answers to 2 decimal places.)
|
|