Two accountants, Yuan Tsui and Sergio Aragon, are arguing about the merits of presenting an income...

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Two accountants, Yuan Tsui and Sergio Aragon, are arguing about the merits of presenting an income statement in the multiple-step versus the single-step format. The discussion involves the following 2023 information for C. Cullumber Company (in thousands): Administrative expenses Selling expenses Officers' salaries $4,000 Delivery $2,250 Depreciation of office furniture and equipment 3,060 Sales commissions 9,400 Cost of goods sold 59,420 Depreciation of sales equipment 6,260 Rental revenue 15,020 Sales revenue 98,400 Interest expense 1,470 Common shares outstanding for 2023 total 30,000. Income tax for the year was $9,922. (a) Prepare an income statement for the year ended December 31, 2023, using the multiple-step format. Include calculation of EPS. (List other revenues and gains before other expenses and losses. List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, e.g. 52.75.) Sales Revenue Cost of Good Sold Gross Profit/(Loss) C. Cullumber Company Income Statement For the Year Ended December 31, 2023 (In thousands, except earnings per share) Operating Expenses Selling Expenses Sales Commission Expense Depreciation Expense Freight out Administrative Expenses Salaries and Wages Expense $ $ Income from Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Income before Income Tax Income Tax Expense . Other Expenses and Losses Interest Expense Income before Income Tax Income Tax Expense Net Income/(Loss) Earnings Per Share Two accountants, Yuan Tsui and Sergio Aragon, are arguing about the merits of presenting an income statement in the multiple-step versus the single-step format. The discussion involves the following 2023 information for C. Cullumber Company (in thousands): Administrative expenses Selling expenses Officers' salaries $4,000 Delivery $2,250 Depreciation of office furniture and equipment 3,060 Sales commissions 9,400 Cost of goods sold 59,420 Depreciation of sales equipment 6,260 Rental revenue 15,020 Sales revenue 98,400 Interest expense 1,470 Common shares outstanding for 2023 total 30,000. Income tax for the year was $9,922. (a) Prepare an income statement for the year ended December 31, 2023, using the multiple-step format. Include calculation of EPS. (List other revenues and gains before other expenses and losses. List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, e.g. 52.75.) Sales Revenue Cost of Good Sold Gross Profit/(Loss) C. Cullumber Company Income Statement For the Year Ended December 31, 2023 (In thousands, except earnings per share) Operating Expenses Selling Expenses Sales Commission Expense Depreciation Expense Freight out Administrative Expenses Salaries and Wages Expense $ $ Income from Operations Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Income before Income Tax Income Tax Expense . Other Expenses and Losses Interest Expense Income before Income Tax Income Tax Expense Net Income/(Loss) Earnings Per Share