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Question - 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 2010 information related to Webster Company ($000 omitted).
Administrative expense
Officer's salaries
$ 5,570
Depreciation of office furniture and equipment
4,560
Cost of goods sold
61,240
Rental revenue
22,450
Selling expense
Transportation-out
2,690
Sales commissions
7,980
Depreciation of sales equipment
6,480
Sales
97,070
Income tax
9,070
Interest expense
1,860
(a) Prepare an income statement for the year 2010 using the multiple-step form. Common shares outstanding for 2010 total 40,550 (000 omitted).
(b) Prepare an income statement for the year 2010 using the single-step form.
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