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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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