Prepare a single-step income statement for 2013 including

Reference no: EM13601321

The following is a partial trial balance for General Lighting Corporation as of December 31, 2013:

Account Title Debits Credits
Sales revenue 2,800,000
Rental revenue 89,000
Loss sale of invment 27,000
Loss from flood damage (event is both unusual and infrequent) 210,000
Cost of goods sold 1,280,000
Loss from write-down of inventory due to obsolescence 290,000
Selling expenses 390,000
General and administrative expenses 195,000
Interest expense 88,000

200,000 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. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

Reference no: EM13601321

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