SINGLE-STEP INCOME STATEMENT Summary operating data for Custom Wire & Tubing Com
ID: 2460764 • Letter: S
Question
SINGLE-STEP INCOME STATEMENT
Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2016, 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, $1,250,000.
Prepare a single-step income statement. Refer to the lists of Labels, Accounts, and Amount Descriptions provided for the exact wording of the answer choices for text entries.
CUSTOM WIRE & TUBING COMPANY
Income Statement
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CUSTOM WIRE & TUBING COMPANY
Income Statement
Explanation / Answer
Custom Wire & Tubing Company
Income Statement
Particulars Amount($)
Sales 9332500
less: cost of goods sold (6100000)
Gross profit 3232500
Add: rent revenues 60000
less: expenses:
Administrative expenses (740000)
Selling expenses (1250000)
Interest expenses (25000)
Net Income 1277500.
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