Prepare a Multi-Step Income Statement

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Problem - Two accountants for the ?rm 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 Bonita Company ($000 omitted).

Administrative expense

Of?cers' salaries $5,552

Depreciation of of?ce furniture and equipment 4,612

Cost of goods sold 61,222

Rent revenue 17,882

Selling expense

Delivery expense 3,342

Sales commissions 8,632

Depreciation of sales equipment 7,132

Sales revenue 97,152

Income tax 9,722

Interest expense 2,512

Common shares outstanding for 2020 total 30,770 (000 omitted).

Required - Prepare a Multi-Step Income Statement?

Reference no: EM132647589

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