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).

Administrative expense

Officers' salaries $5,297

Depreciation of office furniture and equipment 4,357

Cost of goods sold 60,967

Rent revenue 17,627

Selling expense

Delivery expense 3,087

Sales commissions 8,377

Depreciation of sales equipment 6,877

Sales revenue 96,897

Income tax 9,467

Interest expense 2,257

Common shares outstanding for 2020 total 34,595 (000 omitted).

Collapse question part

(a)

an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)

SHEFFIELD COMPANY

Income Statement

choose the accounting period

For the Year Ended December 31, 2020

(In thousands, except earnings per share)

enter an income statement item

$enter a dollar amount

enter an income statement item

enter a dollar amount

select a summarizing line for the first part

enter a total amount for the first part

select an opening name for section one

select an opening name for subsection one

enter an income statement item

$enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

select a closing name for subsection one

$enter a total amount for subsection one

select an opening name for subsection two

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

select a closing name for subsection two

enter a total amount for subsection two

enter a total amount for section one

select a summarizing line for the second part

enter a total amount for the second part

select an opening name for section two

enter an income statement item

enter a dollar amount

enter a subtotal of the two previous amounts

select an opening name for section three

enter an income statement item

enter a dollar amount

select a summarizing line for the third part

enter a total amount for all three parts

enter an income statement item

enter a dollar amount

select a closing name for this statement

$enter a total net income or loss amount

select an income statement item

$enter a dollar amount rounded to 2 decimal places