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;

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

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