Question

Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 20Y2, are as follows: cost of goods 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.

1. Prepare a single-step income statement. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

List of accounts, labels, and amounts:

Accounts: Administrative, expenses, Cost of goods sold, Interest expense, Rent revenue, Sales, Selling expenses, Unearned rent

Labels: April 30, 20Y2, ExpensesFor the Year Ended April 30, 20Y2, Revenues

Amount Descriptions: Gross profit, Net income, Net loss, Other income and expenses, total assets, Total expenses, Total liabilities, Total stockholders’ equity, Total revenues

Answer 1

single step income statement lists all the expense in one column

it does not separate costs as manufacturing cost , selling cost etc

Custom Wire & Tubing Company Income statement for the year end April 30,20Y2
Revenue
sales	$9,332,500
Rent Revenue	$60,000
Total revenue		$9,392,500
Expenses
Cost of goods sold	$6,100,000
Administrative expenses	$740,000
Interest expenses	$25,000
Selling expenses	$1,250,000
Total expenses		$8,115,000
Net Income		$1,277,500

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