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 2020 information related to Bramble Company ($000 omitted).
Administrative expense
Officers' salaries
$5,006
Depreciation of office furniture and equipment
4,066
Cost of goods sold
60,676
Rent revenue
17,336
Selling expense
Delivery expense
2,796
Sales commissions
8,086
Depreciation of sales equipment
6,586
Sales revenue
96,606
Income tax
9,176
Interest expense
1,966
Common shares outstanding for 2020 total 38,960 (000 omitted).
(a) Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
(b) The parts of this question must be completed in order. This part will be available when you complete the part above.