(Answered) Question - two accountants for the firm of elwes and wright

Accounting

Question - 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 Tamarisk Company ($000 omitted).

Administrative expense Officers' salaries$5,587 Depreciation of office furniture and equipment4,647Cost of goods sold61,257Rent revenue17,917Selling expense Delivery expense3,377 Sales commissions8,667 Depreciation of sales equipment7,167Sales revenue97,187Income tax9,757Interest expense2,547

Common shares outstanding for 2017 total 40,550 (000 omitted).

Prepare an income statement for the year 2017 using the multiple-step form.

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