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

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)

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