Single-Step Income Statement

Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2019, are as follows: cost of merchandise sold, $306,300; 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.

Single-Step Income Statement Summary operating data for Custom Wire \& Tubing Company during the year ended April 30, 2019, are as follows: cost of merchandise sold, $306,300; administrative expenses, $38,000; interest expense, $23,000; rent revenue, $76,000; sales, $494,000; and selling expenses, $57,000