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Business, 10.03.2020 08:27, Deagon4434
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 Cheyenne Company ($000 omitted). Administrative expense Officers' salaries $5,348 Depreciation of office furniture and equipment 4,408 Cost of goods sold 61,018 Rent revenue 17,678 Selling expense Delivery expense 3,138 Sales commissions 8,428 Depreciation of sales equipment 6,928 Sales revenue 96,948 Income tax 9,518 Interest expense 2,308 Common shares outstanding for 2017 total 40,550 (000 omitted). (a) Prepare income statement for the year 2017 using the mutiple-step form. Common shares outstanding for 2017 total 40,550 (000 omitted).
(b) Prepare an income statement for the year 2017 using the single-step form.
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