Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting...

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Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting...

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 P. Bride Company ($000 omitted).

	Administrative expense
	Officers’ salaries	$ 4,900
	Depreciation of office furniture and equipment	3,960
	Cost of goods sold	60,570
	Rent revenue	17,230
	Selling expense
	Delivery expense	2,690
	Sales commissions	7,980
	Depreciation of sales equipment	6,480
	Sales revenue	96,500
	Income tax	9,070
	Interest expense	1,860

(a)	Prepare an income statement for the year 2017 using the multiple-step form. Common shares outstanding for 2017 total 40,550 (000 omitted).

	P. BRIDE COMPANY
	Income Statement
	For the Year Ended December 31, 2017
	(In thousands, except earnings per share)

Operating Expenses

Other Revenues and Gains

Other Expenses and Losses

business accounting

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