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marta [7]
3 years ago
7

The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:

Business
1 answer:
baherus [9]3 years ago
5 0

Answer:

1. single-step income statement for 2021

Sales revenue                                                                             3,100,000

Less Cost of goods sold                                                           (1,340,000)

Gross Profit                                                                                 1,760,000

Less Expenses :

Loss on inventory write-down (obsolescence)    350,000

Selling expense                                                      450,000

General and administrative expense                    225,000  

Interest revenue                                                      (95,000)

Loss on sale of investments                                    30,000

Interest expense                                                       94,000   (1,054,000)

Net Income before tax                                                                 706,000

Income tax expense                                                                    (176,500)

Net Income after tax                                                                    529,500

Earnings per share (EPS)                                                                   $1.77

2. multiple-step income statement for 2021

Sales revenue                                                                             3,100,000

Less Cost of goods sold                                                           (1,340,000)

Gross Profit                                                                                 1,760,000

Less Operating Expenses :

Loss on inventory write-down (obsolescence)    350,000

Selling expense                                                      450,000

General and administrative expense                    225,000   (1,025,000)

Operating Income                                                                        735,000

Less Non-Operating Expenses :

Interest revenue                                                      (95,000)

Loss on sale of investments                                    30,000

Interest expense                                                       94,000       (29,000)

Net Income before tax                                                                 706,000

Income tax expense                                                                    (176,500)

Net Income after tax                                                                    529,500

Earnings per share (EPS)                                                                  $1.77

Explanation:

The difference in these Income statements is that, the Multi-step statement clearly shows income derived from Primary Activities (Operating) whist the Single step statement does not.

<u>Additional Notes :</u>

<em>Earnings per share (EPS) = Earnings Attributable to holders of common stock ÷ Weighted Average Number of Common Stocks</em>

Therefore,

Earnings per share (EPS) = $529,500 ÷ 300,000

                                = $1.77

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Answer:

December 31,

DR Payroll Tax Expense...........................................$18,670

CR Social Security Taxes Payable..........................................$13,200

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     State Unemployment Tax Payable...................................$1,890

Federal Unemployment tax = 0.8% * 35,000 = $280

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It is very important to make a good first impression in a job interview.

Explanation:

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First impression- This is considered as the situation wherein a person meets or knows another person and develops a certain image or idea of him.

Many people in the world are applying for a job for a variety of reasons, but the most common reason of all is to <em>have money to pay for the bills and other basic necessities.</em> <em><u>The competition in a job interview is very tough these days, </u></em>thus it is important to make a good first impression. This can makes a lasting impact on you. Have you heard of the saying "First impressions last?" Well, in most cases, this is quite true and it can be hard to change.

Nailing the first 30 seconds of the interview is very essential in order for the employer to know that you are the person who's suitable for the job.

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Answer: (B) Effective

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