The following is a partial trial balance for the Green Star Corporation as of De
ID: 2594783 • Letter: T
Question
The following is a partial trial balance for the Green Star Corporation as of December 31, 2018 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 Debits Credits 1,500,000 37,000 57,000 760,000 195,000 82,000 47,000 137,000 100,000 shares of common stock were outstanding throughout 2018 Required: 1. Prepare a single-step income statement for 2018, including EPS disclosures 2. Prepare a multiple-step income statement for 2018, including EPS disclosures Complete this question by entering your answers in the tabs belovwExplanation / Answer
1. Single Step Income Statement :
Green Star Corporation
Income Statement
For the year ended December 31, 2018
2. Multiple Step Income Statement:
Green Star Corporation
Income Statement
For the year ended December 31, 2018
$ $ Revenues and Gains Sales Revenue 1,500,000 Interest Revenue 37,000 Gain on Sale of Investments 57,000 Total Revenues and Gains 1594,000 Expenses and Losses Cost of Goods Sold 760,000 Selling Expenses 195,000 General and Administrative Expenses 82,000 Interest Expense 47,000 Total Expenses and Losses 1,084,000 Income before Income Taxes 510,000 Income Tax Expense 137,000 Net Income $ 373,000 Earnings per Share ( 100,000 shares) $ 3.73Related Questions
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