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Exercise 4-5 Two accountants for the firm of Elwes and Wright are arguing about the merits...

Exercise 4-5 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 Nash Company ($000 omitted). Administrative expense Officers' salaries $5,135 Depreciation of office furniture and equipment 4,195 Cost of goods sold 60,805 Rent revenue 17,465 Selling expense Delivery expense 2,925 Sales commissions 8,215 Depreciation of sales equipment 6,715 Sales revenue 96,735 Income tax 9,305 Interest expense 2,095 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.)

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