Prepare an income statement for year using single-step form

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Reference no: EM13328384

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 2012 information related to Webster Company ($000 omitted).

Administrative expense
Officer's salaries $ 5,320
Depreciation of office furniture and equipment 4,460
Cost of goods sold 60,950
Rental revenue 18,060
Selling expense
Transportation-out 2,690
Sales commissions 7,980
Depreciation of sales equipment 6,480
Sales 97,620
Income tax 9,070
Interest expense 1,860

Prepare an income statement for the year using SINGLE-step form?

Reference no: EM13328384

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