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 2014 info related to P. Bride Company. ($000 omitted).Administrative expense $Officers' salaries 4,900Depreciation of office furniture and equipment 3,960Cost of goods sold 60,570Rent revenue 17,230Selling expense Delivery expense 2,690Sales commissions 7,980Depreciation of sales equipment 6,480Sales revenue 96,500Income tax 9,070Interest expense 1,860Required:(a) Prepare income statement for the year 2014 using the mutiple-step form. Common shares outstanding for 2014 total 40,550 (000 omitted).(b) Prepare an income statement for the year 2014 using the single-step form.
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