Question

Single-Step Income Statement Summary operating data for Custom Wire & Tubing Company during the year ended...

Single-Step Income Statement

Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2019, are as follows: cost of merchandise sold, $331,700; administrative expenses, $41,200; interest expense, $25,000; rent revenue, $82,400; sales, $535,600; and selling expenses, $61,800.

Prepare a single-step income statement.

Custom Wire & Tubing Company
Income Statement
For the Year Ended April 30, 2019
Revenues:
$
Total revenues $
Expenses:
$
Total expenses
$z
Business   Accounting   
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Answer #1

The single-step income statement presents information in a simplified format. It uses a single subtotal for all revenue line items and a single subtotal for all expense line items, with a net profit or loss appearing at the bottom of the report. This format is most commonly used by businesses that have relatively simple operations, with few line items reported.

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