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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?
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warrants exercisable at 20 each to obtain 20000 shares of cs were outstanding during a period when the average and
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