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

Question

Business

Pig

15 December, 10:13

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

+2

Answers (1)

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Judd · Answer 1

Loma Company's Income Statement for the year ended is $4,100,000

Explanation:

Loma Company

Income Statement for the Year Ended April 30, 20Y6

Revenues:

Sales $13,580,000

Rent revenue $120,000

Total revenues $13,700,000

Less Expenses:

Cost of goods sold $7,500,000

Selling expenses $1,250,000

Administrative expenses $750,000

Interest expense $100,000

Total expenses $9,600,000

Net income $4,100,000

(Net Income = Total Revenue - Total Expenses)