Solution-Prepare an income statement using multiple-step

Prepare an income statement using multiple-step form

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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Prepare an income statement using multiple-step form

Reference no: EM131808473

Reference no: EM131808473

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