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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 2012 information related to Webster Company ($000 omitted).
Administrative expense
Officers' salaries
$ 4,900
Depreciation of office furniture and equipment
3,960
Cost of goods sold
63,570
Rent revenue
17,230
Selling expense
Transportation-out
2,690
Sales commissions
7,980
Depreciation of sales equipment
6,480
Sales revenue
96,500
Income tax expense
7,580
Interest expense
1,860
Instructions
(a) Prepare an income statement for the year 2012 using the multiple-step form. Common shares outstanding for 2012 total 40,550 (000 omitted).
(b) Prepare an income statement for the year 2012 using the single-step form.
(c) Which one do you prefer? Discuss.
Issuance of the bonds. Accrual of interest and amortization of bond discount for the year, on December 31, using the straight-line method.
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