The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:
Account Title Debits Credits
Sales revenue 2,350,000
Interest revenue 80,000
Loss on sale of investments 22,500 Cost of goods sold 1,200,300 Loss on inventory write-down (obsolescence) 200,000 Selling expense 300,000 General and administrative expense 150,000 Interest expense 90,000 There were 160,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%.
Required:
Prepare a single-step income statement for 2021, including EPS disclosures.
Prepare a multiple-step income statement for 2021, including EPS disclosures.

When it comes to comparing a multi-step income statement vs a single-step statement, it is important to consider the type of business you operate. Single-step income statements calculate the business’s net income by subtracting losses and expenses from gains and revenue.

Single-step income statements report the revenue, expenses, and profit (or loss) of a business during a specific period. However, the net income is reported using only one equation. The equation used in a single-step income statement is: Net income = (gains + revenue) - (losses + expenses)

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