Exercise 4-2 Income statement format; single step and multiple
step [LO4-1, 4-5]
The following is a partial trial balance for the Green Star
Corporation as of December 31, 2018:
Account Title
Debits
Credits
Sales revenue
1,350,000
Interest revenue
34,000
Gain on sale of investments
54,000
Cost of goods sold
730,000
Selling expenses
180,000
General and administrative
expenses
79,000
Interest expense
44,000
Income tax expense
134,000
100,000 shares of common stock were outstanding throughout
2018.
Required:
1. Prepare a single-step income...