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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
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 Crane Company ($000 omitted).
Administrative expense | ||
Officers' salaries | $5,593 | |
Depreciation of office furniture and equipment | 4,653 | |
Cost of goods sold | 61,263 | |
Rent revenue | 17,923 | |
Selling expense | ||
Delivery expense | 3,383 | |
Sales commissions | 8,673 | |
Depreciation of sales equipment | 7,173 | |
Sales revenue | 97,193 | |
Income tax | 9,763 | |
Interest expense | 2,553 |
Common shares outstanding for 2017 total 40,550 (000 omitted).
Prepare an income statement for the year 2017 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
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