Business

Maritza Mahoney

30 September, 20:33

Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; Expenses incurred in the administration or general operations of the business, sometimes called general expenses. administrative expenses, $750,000; interest expense, $100,000; rent revenue, $120,000; sales, $13,580,000 and Expenses that are incurred directly in the selling of merchandise. selling expenses, $1,250,000.

Prepare a single-step income statement.

Loma Company

Income Statement

For the Year Ended April 30, 20Y6

Revenues:

Sales

Rent revenue

Total revenues

Expenses:

Cost of goods sold

Selling expenses

Administrative expenses

Interest expense

Total expenses

Net income