Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2019, are as follows: cost of merchandise sold, $6,100,000; administrative expenses, $740,000; interest expense, $25,000; rent revenue, $60,000; sales, $9,332,500; and selling expenses, $1,250,000. Prepare a single-step income statement.
Answer:
Revenues:
Sales $9,332,500
Rent revenue 60,000
Total revenues $9,392,500
Expenses:
Cost of merchandise sold $6,100,000
Selling expenses 1,250,000
Administrative expenses 740,000
Interest expense 25,000
Total expenses 8,115,000
Net income $1,277,500