Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2019, are as follows

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