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Income statement for year 2012 using single-step form

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Reference no: EM13529484

(Multiple-Step and Single-Step) Two accountants for the firm of Allen 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 2012 information related to Webster Company ($000 omitted).

Administrative expense

 

Officers' salaries

$   4,900

Depreciation of office   furniture and equipment

3,960  

Cost of goods sold

63,570  

Rent revenue

17,230  

Selling expense

 

Transportation-out

2,690

Sales commissions

7,980  

Depreciation of sales equipment  

6,480  

Sales revenue

96,500  

Income tax expense

7,580  

Interest expense

1,860  

Instructions

(a) Prepare an income statement for the year 2012 using the multiple-step form. Common shares outstanding for 2012 total 40,550 (000 omitted).

(b) Prepare an income statement for the year 2012 using the single-step form.

(c) Which one do you prefer? Discuss.

Reference no: EM13529484

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