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Two accountants for the firm of Elwes and Wright are arguing about the...

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Accounting

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 2025 information related to Blossom Company ( $000 omitted).
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
$5,488
4,548
61,158
17,818
3,278
8,568
7,068
97,088
9,658
2,448
(a)
Your answer is partially correct.
Prepare an income statement for the year 2025 using the multiple-step form. Common shares outstanding for 2025
total 25,384(000 omitted).(Round earnings per share to 2 decimal places, e.g.1.48. Enter other revenue and gains before other expenses
and losses)
BLOSSOM COMPANY
Income Statement
For the Year Ended December 31,2025
(In thousands, except earnings per share)
Sales Revenue
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