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 Skysong Company ($000 omitted). $4,981 4,041 60,651 17,311 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 2,771 8,061 6,561 96,581 9,151 1,941 Common shares outstanding for 2020 total 31,468 (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.) SKYSONG COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Sales Revenue 96581 Cost of Goods Sold 60651 Gross Profit/ (Loss) 35930 Other Revenues and Gains Rent Revenue 17311 26826 Other Expenses and Losses Interest Expense 1941 Your answer is partially correct. Try again. 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.) SKYSONG COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) Revenues Sales Revenue 96581 Rent Revenue 17311 Total Revenues 113892 Expenses Cost of Goods Sold 60651 Salaries and Wages Ex: 4981 X Delivery Expense 2771 Sales Commission 8061 Total Expenses 76464 Income Before Income Tax 37428 Income Tax Expense 9151 Net Income / (Loss) 28277 Earnings Per Share .90 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS List of Accounts Exercise 4-05 a-b Accumulated Depreciation-Equipment Administrative Expenses Bad Debt Expense Casualty loss Cost of Goods Sold Delivery Expense Depreciation Expense Dividend Revenue Entertainment Expense Equipment Gain on Disposal of Land Gain on Sale of Plant Income Tax Expense Interest Expense Interest Revenue Loss from Earthquake Damage Maintenance and Repairs Expense Miscellaneous Selling Expenses Mortgage Payable Office Expense Other Administrative Expenses Property Tax Expense Rent Revenue Salaries and Wages Expense Salaries and Wages Payable Sales Commission Sales Discounts Sales Returns and Allowances Sales Revenue Selling Expenses Supplies Supplies Expenses Telephone and Internet Expense Travel Expense