unce instructure.com Chapter 4 - Day 1 Exercise 4-5 (Part Level S ission The Aca Two accountants for the form 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 Sheffield Company ($000 omitted), Administrative expense $5,297 Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue 4,357 60,967 17,627 Selling expense Delivery expense 3.087 8,377 6,877 Sales commissions Depreciation of sales equipment Sales revenue 96,897 9.467 Income tax 2,257 Interest expense Common shares outstanding for 2020 total 34.595 (000 omitted). (a) 14 Prepare an income statement for the year 2020 using the multiple step form. (Round earnings per share to 2 decimal places SHEFFIELD COMPANY Exercise - Part Lee Submission to Accountan I Chegg.com SHEFFIELD COMPANY Income Statement For the Year Ended December 31, 2020 . (In thousands, except earnings per share) Sales Revenue 96,897 Cost of Goods Sold 60,967 Gross Profit/(Loss) 35,930 Operating Expenses Selling Expenses Delivery Expense 3.087 Sales Commission 8,377 Depreciation Expense Total Expenses 18.341 Administrative Expenses : Office Expense 5.297 Depreciation Expense 4357 Total Administrative Expenses 9,654 MacBook Pro 0 Muncc.instructure.com Exercise 4-5 (Part Level Submission Two Accountan... Chegg.com Chapter 4 - Day 1 Depreciation Expense 9,654 Total Administrative Expenses 8,687 27.243 Other Expenses and Losses . Revenues 17,627 Rent Revenue Other Expenses and Losses . Interest Expense Income Before Income Tax Income Tax Expense Net Income /(Loss) Earnings Per Share e Textbook and Media List of Accounts MacBook Pro