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
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