Exercise 4-05 a-b
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 Blossom Company ($000
omitted).
Administrative expense |
||
---|---|---|
Officers' salaries |
$5,488 | |
Depreciation of office furniture and equipment |
4,548 | |
Cost of goods sold |
61,158 | |
Rent revenue |
17,818 | |
Selling expense |
||
Delivery expense |
3,278 | |
Sales commissions |
8,568 | |
Depreciation of sales equipment |
7,068 | |
Sales revenue |
97,088 | |
Income tax |
9,658 | |
Interest expense |
2,448 |
Common shares outstanding for 2020 total 25,384 (000 omitted).
Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Exercise 4-05 a-b Two accountants for the firm of Elwes and Wright are arguing about the...
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...
Exercise 4-05 a-b 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 Nash Company ($000 omitted). $5,207 4,267 60,877 17,537 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 2,997 8,287...
Exercise 4-05 a-b 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 Coronado Company ($000 omitted). $4,990 4,050 60,660 17,320 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 2,780 8,070...
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...
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...
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...
Exercise 4-5 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 Pearl Company ($000 omitted). Administrative expense Officers' salaries $5,076 Depreciation of office furniture and equipment 4,136 Cost of goods sold 60,746 Rent revenue 17,406 Selling expense Delivery expense 2,866 Sales commissions 8,156 Depreciation of sales equipment 6,656 Sales revenue 96,676 Income tax 9,246...