Part 2. Prepare a single-step income statement for a computer sales and equipment rental company.

ACCOUNT	BALANCE
Sales	$ 6,110,760
Interest Expense	1,550
Administrative Expense	10,500
Cost of Merchandise Sold	3,550,000
Advertising Expense	3,500
Rent Revenue	24,000
Merchandise Inventory	7,000,000
Utilities Expense	4,500