Prepare an income statement for the year

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Reference no: EM131263846

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 Martinez Company ($000 omitted). Administrative expense Officers' salaries $4,990 Depreciation of office furniture and equipment 4,050 Cost of goods sold 60,660 Rent revenue 17,320 Selling expense Delivery expense 2,780 Sales commissions 8,070 Depreciation of sales equipment 6,570 Sales revenue 96,590 Income tax 9,160 Interest expense 1,950 Common shares outstanding for 2017 total 40,550 (000 omitted). Collapse question part (a) Prepare an income statement for the year 2017 using the multiple-step form.

Reference no: EM131263846

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