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I am lost on how to fill this out Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting
I am lost on how to fill this out
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 Kingbird Company ($000 omitted).
Administrative expense | ||
Officers' salaries | $4,957 | |
Depreciation of office furniture and equipment | 4,017 | |
Cost of goods sold | 60,627 | |
Rent revenue | 17,287 | |
Selling expense | ||
Delivery expense | 2,747 | |
Sales commissions | 8,037 | |
Depreciation of sales equipment | 6,537 | |
Sales revenue | 96,557 | |
Income tax | 9,127 | |
Interest expense | 1,917 |
Common shares outstanding for 2017 total 40,550 (000 omitted).
(In thousands, except earnings per share) Sales Revenue 96557 Cost of Goods Sold 60627 Gross Profit/ (Loss) 35930 Expenses Administrative Expenses 4957 Depreciation Expense 4017 Selling Expenses 2747 8037 6537 9635 17287 26922 1917 25005 9127 Net Income / (Loss) 15878 Earnings Per Share 0.39Step by Step Solution
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