Single-Step Income Statement Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2076, are as follows: cost of merchandise sold, $310,100; administrative expenses, $38,000; interest expense, $23,000; rent revenue, $76,000; sales, $494,000; and selling expenses, $57,000. Prepare a single-step income statement Custom Wire & Tubing Company Income Statement For the Year Ended April 30, 2016 Revenues: Total revenues Expenses 100 IE Total expenses