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 Crane Company ($000 omitted).
Administrative expense | ||
Officers' salaries | $5,593 | |
Depreciation of office furniture and equipment | 4,653 | |
Cost of goods sold | 61,263 | |
Rent revenue | 17,923 | |
Selling expense | ||
Delivery expense | 3,383 | |
Sales commissions | 8,673 | |
Depreciation of sales equipment | 7,173 | |
Sales revenue | 97,193 | |
Income tax | 9,763 | |
Interest expense | 2,553 |
Common shares outstanding for 2017 total 40,550 (000 omitted).
Prepare an income statement for the year 2017 using the
single-step form. (Round earnings per share to 2
decimal places, e.g. 1.48.)
Income Statement |
|
Sales |
$ 97,193.00 |
Cost of Goods Sold |
$ 61,263.00 |
Gross Profit |
$ 35,930.00 |
Operating Expenses |
|
Officer's salary |
$ 5,593.00 |
Depreciation of furniture and equipment |
$ 4,653.00 |
Delivery expense |
$ 3,383.00 |
Sales commission |
$ 8,673.00 |
Depreciation of sales equipment |
$ 7,173.00 |
Total Operating Expenses |
$ 29,475.00 |
Other revenues and expenses |
|
Rent revenue |
$ 17,923.00 |
Interest Expense |
$ 2,553.00 |
Total Others |
$ 15,370.00 |
Earnings Before Taxes (EBT) |
$ 21,825.00 |
Taxes |
$ 9,763.00 |
Earnings After Taxes (EAT) |
$ 12,062.00 |
Earnings Available to Common Stockholders |
$ 12,062.00 |
Common Shares Outstanding |
40500 |
Earnings Per Share |
$ 0.30 |
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 Crane Company ($000 omitted). Administrative expense Officers' salaries $5,593 Depreciation of office furniture and equipment 4,653 Cost of goods sold 61,263 Rent revenue 17,923 Selling expense Delivery expense 3,383 Sales commissions 8,673 Depreciation of sales equipment 7,173 Sales revenue 97,193 Income tax 9,763 Interest expense...
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a single-step format. The discussion involves the following 2017 information related to Headland 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...
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 Blue Company ($000 omitted). $5,488 4,548 61,158 17,818 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax 3,278 8,568 7,068 97,088 9,658 2,448 Interest...
Two accountants for the form 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 Whispering Company ($000 omitted). $5,330 4,390 61,000 17,660 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense 3.120 8,410 6,910 96,930 9.500...
Two accountants for the form 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 Bridgeport Company (5000 omitted). Administrative expense Officers' salaries $5,592 Depreciation of office furniture and equipment 4,652 Cost of goods sold 61,262 Rent revenue 17,922 Selling expense Delivery expense 3,382 Sales commissions 8,672 Depreciation of sales equipment 7,172 Sales revenue 97.192 Income tax 9,762 Interest expense...
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...
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 Metlock Company ($000 omitted). Administrative expense Officers' salaries $5,401 Depreciation of office furniture and equipment 4,461 Cost of goods sold 61,071 Rent revenue 17,731 Selling expense Delivery expense 3,191 Sales commissions 8,481 Depreciation of sales equipment 6,981 Sales revenue 97,001 Income tax 9,571 Interest expense...
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 Sheridan Company ($000
omitted).
Administrative expense
Officers' salaries
$5,420
Depreciation of office furniture and
equipment
4,480
Cost of goods sold
61,090
Rent revenue
17,750
Selling expense
Delivery expense
3,210
Sales commissions
8,500
Depreciation of sales equipment
7,000
Sales revenue
97,020
Income tax
9,590
Interest expense...
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 Metlock Company ($000 omitted). Administrative expense Officers' salaries $5,401 Depreciation of office furniture and equipment 4,461 Cost of goods sold 61,071 Rent revenue 17,731 Selling expense Delivery expense 3,191 Sales commissions 8,481 Depreciation of sales equipment 6,981 Sales revenue 97,001 Income tax 9,571 Interest expense...
wo 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 Nash Company ($000
omitted).
Administrative expense
Officers' salaries
$5,207
Depreciation of office furniture and
equipment
4,267
Cost of goods sold
60,877
Rent revenue
17,537
Selling expense
Delivery expense
2,997
Sales commissions
8,287
Depreciation of sales equipment
6,787
Sales revenue
96,807
Income tax
9,377
Interest expense...