Two accountants for the firm of Elwes and Wright are arguing about the merits of...
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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 2017 information related to P. Bride Company ($000 omitted).
Administrative expense
Officers salaries
$ 4,900
Depreciation of office furniture and equipment
3,960
Cost of goods sold
60,570
Rent revenue
17,230
Selling expense
Delivery expense
2,690
Sales commissions
7,980
Depreciation of sales equipment
6,480
Sales revenue
96,500
Income tax
9,070
Interest expense
1,860
(a)
Prepare an income statement for the year 2017 using the multiple-step form. Common shares outstanding for 2017 total 40,550 (000 omitted).
P. BRIDE COMPANY
Income Statement
For the Year Ended December 31, 2017
(In thousands, except earnings per share)
Operating Expenses
Other Revenues and Gains
Other Expenses and Losses
Answer & Explanation
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