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Question 3 of 5 -/10 View Policies Current Attempt in Progress Two accountants for...

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Accounting

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Question 3 of 5 -/10 View Policies Current Attempt in Progress Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2020 information related to Whispering Company (S000 omitted). $5,076 4.136 60.746 17.406 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense 2,866 8.156 6,656 96,676 9.246 2,036 Common shares outstanding for 2020 total 37,910 (000 omitted). (a) Prepare an income statement for the year 2020 using the multiple step form. (Round earnings per share to 2 decimal places 1.48.) WHISPERING COMPANY Save for later Attempts: 0 of 15 used Submit Answer (b) Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, es. 1.48 WHISPERING COMPANY Income Statement (In thousands, except earnings per share) $

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