Two accountants for the firm of allen and wright are

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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.

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

(a) Prepare an income statement for the year 2012 using the multiple-step form. Common shares outstanding for 2012 total 40,550

Reference no: EM13578212

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