(Answered) Question - multiple-step and single-steptwo accountants for

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Question - Multiple-step and Single-step

Two accountants for the firm of Allen 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 2010 information related to Webster Company ($000 omitted).

Administrative expense
Officer's salaries	$ 5,570
Depreciation of office furniture and equipment	4,560
Cost of goods sold	61,240
Rental revenue	22,450
Selling expense
Transportation-out	2,690
Sales commissions	7,980
Depreciation of sales equipment	6,480
Sales	97,070
Income tax	9,070
Interest expense	1,860

(a) Prepare an income statement for the year 2010 using the multiple-step form. Common shares outstanding for 2010 total 40,550 (000 omitted).

(b) Prepare an income statement for the year 2010 using the single-step form.

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