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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 Crane Company ($000 omitted).

Administrative expense
Officers' salaries $5,076
Depreciation of office furniture and equipment 4,136
Cost of goods sold 60,746
Rent revenue 17,406
Selling expense
Delivery expense 2,866
Sales commissions 8,156
Depreciation of sales equipment 6,656
Sales revenue 96,676
Income tax 9,246
Interest expense 2,036

Common shares outstanding for 2017 total 40,550 (000 omitted).

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Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 CRANE COMPANY Income Statement (In thousands, except earnings per share) $ $ $ 8 S Prepare an income statement for the year 2017 using the single-step form. (Roun CRANE COMPANY Income Statement (In thousands, except earnings per share) $

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