Business
Engineering
Math
Science
Social Science
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.
Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
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.
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: | ... | |
Chapter 4 Solutions
Additional Business Textbook Solutions
Accounting (Text Only)
Intermediate Accounting: Reporting And Analysis
Managerial Accounting: The Cornerstone of Business Decision-Making
Financial And Managerial Accounting
College Accounting (Book Only): A Career Approach
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Corporate Financial Accounting
Accounting Information Systems
Financial Accounting
Financial Accounting
Financial & Managerial Accounting
College Accounting (Book Only): A Career Approach
Financial & Managerial Accounting
College Accounting, Chapters 1-27
MKTG 12:STUDENT ED.-TEXT
Brief Principles of Macroeconomics (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Fundamentals of Financial Management (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Essentials of Economics (MindTap Course List)
Exploring Economics
Contemporary Marketing
Management, Loose-Leaf Version
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Accounting Information Systems
Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
Principles of Economics (MindTap Course List)
Foundations of Business (MindTap Course List)
Statistics for Business & Economics, Revised (MindTap Course List)
Cornerstones of Financial Accounting
Corporate Financial Accounting
Cornerstones of Cost Management (Cornerstones Series)
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Economics For Today
Micro Economics For Today
Purchasing and Supply Chain Management
Practical Management Science
Economics (MindTap Course List)
