P5-6B The adjusted trial balance of Brigus wholesale Ltd. Contained the following accounts at November 30, the companys fiscal year end:

BRIGUS WHOLESALE LTD.

Adjusted Trial Balance

November 30, 2018

Debit credit

Cash $ 35,000

Accounts receivable 96,300

Notes receivable 28,200

Inventory 115,600

Supplies 4,900

Land 580,000

Buildings 452,000

Accumulated depreciation-buildings $45,200

Equipment 326,000

Accumulated depreciation-equipment 81,500

Accounts payable 79,800

Income tax payable 18,200

Unearned revenue 32,100

Bank loan payable 205,000

Common shares 500,000

Retained earnings 546,700

Sales 2,234,800

Sales returns and allowances 12,800

Sales discounts 11,400

Cost of goods sold 1,387,200

Administrative expenses 366,000

Selling expenses 286,000

Interest expense 12,300

Interest revenue 2,800

Income tax expense 32,400 ___

$3,746,100 $3,746,100

Instructions:

Prepare a single- step income statement.

Prepare a multiple step income statement.

Compare the two statements and comment on the usefulness of each one.

Are the expenses in the statements classified by nature or by functions? Explain.