Business, 25.01.2021 20:20, studyoverload

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Account Title Debits Credits Sales revenue 3,200,000 Interest revenue 97,000 Loss on sale of investments 31,000 Cost of goods sold 1,360,000 Loss from write-down of inventory due to obsolescence 370,000 Selling expenses 470,000 General and administrative expenses 235,000 Interest expense 96,000 300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%. Required:

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The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: A...