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Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2016,...

Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2016, are as follows: cost of merchandise sold, $5,982,450; administrative expenses, $752,400; interest expense, $23,850; rent revenue, $61,850; sales, $9,449,300; and selling expenses, $1,240,950. Prepare a single-step income statement. Be sure to complete the statement heading. Refer to the lists of Labels, Accounts, and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign.

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CUSTOM WIRE & TUBING COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED APRIL 30,2016
PARTICULARS AMOUNT
$
Revenues & Gains 9511150
Sales 9449300
Rent revenue 61850
Less- Expenses & losses
Cost of merchandise sold 5982450
Administrative expenses 752400
Interest expense 23850
Selling expenses 1240950
Total expenses 7999650
Net Income 1511500
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