SHEFFIELD COMPANY Income Statement For the Year Ended December 31, 2020 (In thousands, except earnings per share) s 5 s 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 Sheffield Company ( $000 omitted). Common shares outstanding for 2020 total 34,595(000 omitted)