Question

Single-Step Income Statement

Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 20Y6, are as follows: cost of merchandise sold, $330,900; administrative expenses, $40,900; interest expense, $25,000; rent revenue, $81,800; sales, $531,700; and selling expenses, $61,400.

Prepare a single-step income statement.

Custom Wire & Tubing Company
Income Statement
For the Year Ended April 30, 20Y6
Revenues:
Sales		$fill in the blank 2
Rent revenue		fill in the blank 4
Total revenues		$fill in the blank 5
Expenses:
Cost of merchandise sold	$fill in the blank 7
Selling expenses	fill in the blank 9
Administrative expenses	fill in the blank 11
Interest expense	fill in the blank 13
Total expenses		fill in the blank 14
Net income		$fill in the blank 16

Answer 1

Answer
CUSTOM WIRE & TUBING COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED APRIL 30,2016
PARTICULARS		AMOUNT
		$
Revenues & Gains		$      613,500
Sales	$      531,700
Rent revenue	$        81,800
Less- Expenses & losses
Cost of merchandise sold	$      330,900
Administrative expenses	$        40,900
Interest expense	$        25,000
Selling expenses	$        61,400
Total expenses		$      458,200
Net Income		$      155,300