Current Attempt in Progress 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 2025 information related to Sheffield Company (5000 omitted). Administrative expense Officers' salaries $5,297 Depreciation of office furniture and equipment 4.357 Cost of goods sold 60,967 Rent revenue 17,627 Selling expense Delivery expense 3,087 Sales commissions 8,377 Depreciation of sales equipment 6,877 Sales revenue 96,897 Income tax 9,467 Interest expense 2,257 (a)