Summary Business Accounting

Question:

The following is a partial trial balance for the Green Star Corporation as of December 31, 2013:




100,000 shares of common stock were outstanding throughout 2013.

Required:

1. Prepare a single-step income statement for 2013, including EPS disclosures.

2. Prepare a multiple-step income statement for 2013, including EPS disclosures.



Answer:




GREEN STAR CORPORATION

Income Statement

For the Year Ended December 31, 2013



Revenues and gains:

Sales ..................................................................................... $1,300,000

Interest ................................................................................. 30,000

Gain on sale of investments .................................................. 50,000

Total revenues and gains ................................................... 1,380,000