In: Accounting
The following is a partial trial balance for the Green Star
Corporation as of December 31, 2021:
Account Title | Debits | Credits |
Sales revenue | 2,100,000 | |
Interest revenue | 49,000 | |
Gain on sale of investments | 69,000 | |
Cost of goods sold | 880,000 | |
Selling expenses | 255,000 | |
General and administrative expenses | 94,000 | |
Interest expense | 59,000 | |
Income tax expense | 149,000 | |
There were 100,000 shares of common stock outstanding throughout
2021.
Required:
Prepare a single-step income statement for 2021, including EPS disclosures.
Prepare a multiple-step income statement for 2021, including EPS disclosures.
Solution
Green Star Corporation
Single step income statement for 2021, including eps disclosures
Multiple-step income statement for 2021, including EPS disclosures –