The following information is available for Wright Auto Supply at December 31, 2011.

Required:
1. Prepare a single-step income statement for the year ended December 31, 2011.
2. Prepare a multiple-step income statement for the year ended December 31, 2011.
3. Conceptual Connection: Comment on the differences between the single-step and the multiple-step income statements.

Transcribed Image Text:

$277,000 Cost of goods sold Depreciation expense Income taxes expense Interest expense $18,000 32,000 583,900 Wages expense (salespeople)98,250 Rent expense 29,000 Salaries (administrative 38,085 2,700 Sales revenue