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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Single-step income statement

Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2019, are as follows: cast 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.

To determine

Single-step income statement: It is an income statement format in which a single subtotal of all revenue items are listed in one column and a single subtotal of all expense items including cost of goods sold are listed in another column. Thus, the subtotal of all expense items is deducted from the subtotal of all revenue items to arrive at the net income at the bottom of the statement.

To Prepare: The single-step income statement.

Explanation

Prepare the single-step income statement of Company C.

Company C

Income Statement

For the Year Ended April 30, 2019

Particulars Amount ($) Amount ($)
Revenues:    
Sales revenue   9,332,500
Rent revenue   60,000
...

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