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 outstanding for 2017 total 40,550 (000 omitted).
Income statement
Revenue | |
Sales revenue | 96948 |
rent revenue | 17678 |
Total revenue | 114626 |
Expense | |
Cost of goods sold | 61018 |
Delivery expense | 3138 |
Sales commission | 8428 |
Depreciation on sales equipment | 6928 |
Depreciation of office furniture and equipment | 4408 |
Office salaries | 5348 |
Interest expense | 2308 |
Income tax expense | 9518 |
Total expense | 101094 |
Net income | 13532 |
Outstanding share | 40550 |
EPS | 0.33 |
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting...
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 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 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 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 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 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 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 Tamarisk Company ($000 omitted). Administrative expense Officers' salaries $5,168 Depreciation of office furniture and equipment 4,228 Cost of goods sold 60,838 Rent revenue 17,498 Selling expense Delivery expense 2,958 Sales commissions 8,248 Depreciation of sales equipment 6,748 Sales revenue 96,768 Income tax 9,338 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...
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...