Single-Step Income Statement Summary operating data for Cummerbund Company durin
ID: 2452149 • Letter: S
Question
Single-Step Income Statement
Summary operating data for Cummerbund Company during the current year ended June 30, 2014, are as follows: cost of merchandise sold, $2,400,000; administrative expenses, $420,000; interest expense, $30,000; rent revenue, $125,000; net sales, $3,750,000; and selling expenses, $550,000.
Prepare a single-step income statement.
Cummerbund Company
Income Statement
For the Year Ended June 30, 2014
Revenues:
$
Total revenues
$
Expenses:
$
Total expenses
$
Cummerbund Company
Income Statement
For the Year Ended June 30, 2014
Revenues:
$
Total revenues
$
Expenses:
$
Total expenses
$
Explanation / Answer
Cummerbund Company Income Statement For the Year Ended June 30, 2014 Revenues Net Sales $3,750,000 Rent Revenue $ 125,000 Total Revenue $3,875,000 Expenses Cost of merchandise $ 2,400,000 Selling Expenses $ 550,000 Adminstrative Expenses $ 420,000 Interest Expenses $ 30,000 Total Expenses $3,400,000 Net income = Total Revenue - Total Expenses $ 475,000