Question

Summary operating data for custom wire & tubing company during the year april 30,2019 are as follows 

Particulars	Amount$
Cost of merchandise	61,00,000
Administrative expenses	7,40,000
Interest Expense	25,000
Rent Revenue	60,000
Sales	12,50,000

Prepare a single step income statement

Answer 1

Single income statement : It is an income statement format where all revenue items are listed in a single subtotal in one column and all expense items, including cost of goods sold, are listed in a single subtotal in another column. In order to calculate the net income at the bottom of the statement, the subtotal of all expense items is subtracted from the subtotal of all revenue items.

Custom wire & Tubing Company

Income statement 

For the year Ended April 30,2019

Particulars	Amount$	Amount$
Revenues :
Sales Revenue		93,32,500
Rent Revenue		60,000
Total revenue		93,92,500
Expenses :
Cost of merchandise sold	61,00,000
Selling expenses	12,50,000
Administrative expenses	7,40,000
Interest expenses	25,000
Total expenses		(81,15,000)
Net income		12,27,500

 

 

Net income of custom wire & Tubing company for the year ended april 30,2019 is $12,27,500