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Prepare an income statement using multiple-step form

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Reference no: EM131808473

Exercise 1- 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 Bonita 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).

Prepare an income statement for the year 2017 using the multiple-step form.

Reference no: EM131808473

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