The following is a partial trial balance for the Green Star Corporation as of December 31, 2013: Account Title Debits Credits Sa
les revenue 1,550,000 Interest revenue 38,000 Gain on sale of investments 58,000 Cost of goods sold 770,000 Selling expense 200,000 General and administrative expenses 83,000 Interest expense 48,000 Income tax expense 138,000 110,000 shares of common stock were outstanding throughout 2013.Required:1. Prepare a single-step income statement for 2013, including EPS disclosures. (Round EPS answer to 2 decimal places.)2. Prepare a multiple-step income statement for 2013, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)
1 answer:
Answer:
Explanation:
The total revenues and total expenditures are reported in the income statement.
If the total income exceeds total expenditure then the company earns net income And if the total income is below the total expenditure then the company has a net loss This net income or net loss would be expressed in the retained earnings account statement.
The preparation of the income statement i.e single as well as multiple step are presented in the spreadsheet. Please find the attachment underneath.
You might be interested in
Answer:
Follows are the solution to the given points:
Explanation:
In point a:
This business of plastic containers is increasing its Lunchbox Product Signature price around $3.00 and $4.00. The volumes produced consequently declined around 20,000 to 15,000.
The price elasticity also becomes unitary
In point b:
U.S. economic theory states that the elasticity of fuel demand is 0.5 because prices would be less than 1 and so are non-elastic.
In point c:
The capital Metro agrees and add $2.00 to $2.21 also for bus fares. Consequently, with an average of 70,000 drivers a days to both a daily average 61,000 drivers, its passenger numbers who take the bus in Austin falls.
The value being higher than 1 is elastic.