Reference no: EM132638390

Question - 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 2020 information related to Concord Company ($000 omitted).

Administrative expense Officers' salaries $5,348

Depreciation of office furniture and equipment 4,408

Cost of goods sold 61,018

Rent revenue 17,678

Selling expense Delivery expense 3,138

Sales commissions 8,428

Depreciation of sales equipment 6,928

Sales revenue 96,948

Income tax 9,518

Interest expense 2,308

Common shares outstanding for 2020 total 33,830 (000 omitted).

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