Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an...

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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 Concord Company ($000 omitted).

Administrative expense
Officers' salaries		$5,330
Depreciation of office furniture and equipment		4,390
Cost of goods sold		61,000
Rent revenue		17,660
Selling expense
Delivery expense		3,120
Sales commissions		8,410
Depreciation of sales equipment		6,910
Sales revenue		96,930
Income tax		9,500
Interest expense		2,290

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

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

(Round earnings per share to 2 decimal places, e.g. 1.48.)

CONCORD COMPANY Income Statement December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 (In thousands, except earnings per share)
			$

ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses
ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses
ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share
	$


ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share		$
ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share


ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share

ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses
ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOther Revenues and GainsEarnings Per ShareSelling Expenses


ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Expenses and LossesEarnings Per Share

ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses

ExpensesGross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and Losses			$

Gross Profit / (Loss)Income Before Income TaxIncome From OperationsNet Income / (Loss)Operating ExpensesRevenuesTotal ExpensesTotal RevenuesSelling ExpensesAdministrative ExpensesTotal Selling ExpensesTotal Administrative ExpensesOther Revenues and GainsOther Expenses and LossesEarnings Per Share			$

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...

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