Reference no: EM132538670

Question - 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 Company ($000 omitted).

Administrative expense Officers' salaries $4,957

Depreciation of office furniture and equipment 4,017

Cost of goods sold 60,627

Rent revenue 17,287

Selling expense Delivery expense 2,747

Sales commissions 8,037

Depreciation of sales equipment 6,537

Sales revenue 96,557

Income tax 9,127

Interest expense 1,917

Common shares outstanding for 2020 total 39,695 (000 omitted).

Required - Prepare an income statement for the year 2020 using the multiple-step form.