Exercise 4-5 (Part Level Submission)

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 Bridgeport Company ($000 omitted).

Administrative expense
Officers' salaries		$5,150
Depreciation of office furniture and equipment		4,210
Cost of goods sold		60,820
Rent revenue		17,480
Selling expense
Delivery expense		2,940
Sales commissions		8,230
Depreciation of sales equipment		6,730
Sales revenue		96,750
Income tax		9,320
Interest expense		2,110

Common shares outstanding for 2017 total 40,550 (000 omitted).