The following is a partial trial balance for the green star, Ask an Expert

Accounting

The following is a partial trial balance for the Green Star Corporation as of December 31. 2016:

Account Title	Debits	Credits
Sales revenue		1.300.000
Interest revenue		30.000
Gain on sale of investments		50.000
Cost of goods sold	720.000
Selling expenses	160.000
General and administrative expenses	75.000
Interest expense	40.000
Income tax expense	130.000

100.000 shares of common stock were outstanding throughout 2016.

Required:

1. Prepare a single-step income statement for 2016. including EPS disclosures. (Round EPS answer to 2 decimal places.)

2. Prepare a multiple-step income statement for 2016. including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92638461

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