The following is a partial trial balance for the Green Star Corporation as of De
ID: 2333519 • Letter: T
Question
The following is a partial trial balance for the Green Star Corporation as of December 31, 2016: Sales revenue nterest revenue Gain on sale of investments Cost of goods sold 1750,000 42,000 62,000 810,000 220,000 87,000 rded Selling expenses General and administrative expenses Interest expense income tax expense 42,000 150,000 shares of common stock were outstanding throughout 2016 nces Required: 1 Prepare a single-step income statement for 2016, including EPS disclosures. (Round EPS answer to 2 decimal places.) Income Statement 1, 2016 s and gains 750,000 2.000 62.000 Sales revenue Gain on Total revenues and gains 1,854.000 Prev 1 of 8 HI Next > sil 3 4 0Explanation / Answer
Part -(1) GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2016 Revenues and gains: Sales revenue 1,750,000 Interest revenue 42,000 Gain on sale of investments 62,000 Total revenues and gains 1,854,000 Expenses and losses: Cost of goods sold 810,000 Selling expenses 220,000 General and administrative expenses 87,000 Interest expense 52,000 Total expenses and losses 1,169,000 Income before income taxes 685,000 Income tax expense 142,000 Net income 543,000 Earnings per share (543,000/150,000) 3.62 Part -(2) GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2016 Sales revenue 1,750,000 Cost of goods sold (810,000) Gross profit 940,000 Operating expenses: Selling expenses (220,000) General and administrative expenses (87,000) Total operating expenses (307,000) Operating income 633,000 Other income (expense): Interest revenue 42,000 Gain on sale of investments 62,000 Interest expense (52,000) Total other income, net 52,000 Income before income taxes 685,000 Income tax expense 142,000 Net income 543,000 Earnings per share (543,000/150,000) 3.62
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