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Single-step income statement Summary operating data for Lorna Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; administrative expenses. $750,000; interest expense, $100,000; rent revenue, $120,000; sates, $13,580,000 and selling expenses, $1,250,000. Prepare a single-step income statement.

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
Chapter 4, Problem 4.19E
Textbook Problem
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Single-step income statement
Summary operating data for Lorna Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; administrative expenses. $750,000; interest expense, $100,000; rent revenue, $120,000; sates, $13,580,000 and selling expenses, $1,250,000. Prepare a single-step income statement.

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

There are two ways to present and income statement: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

To Prepare:

The Single Step income Statement

Explanation of Solution

The Single Step income Statement is prepared as follows:

    Loma Company
    Single step Income Statement
    For the year ended April 31, 20Y6
    Sales Revenue $ 13,580,000
    Rent Revenue $ 120,000
    Total Revenue $ 13,700,000
    Less: Expenses: ...

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