Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 20Y6, are as follows: cost of merchandise sold, $475,200; administrative expenses, $60,000; interest expense, $36,000; rent revenue, $120,000; sales, $780,000; and selling expenses, $90,000.

Prepare a single-step income statement.

Revenues:
Accounts payableCashCost of merchandise soldInterest expenseSales
Accounts payableCashCost of merchandise soldRent revenueSelling expenses
Total revenues
Expenses:
Accounts payableAccounts receivableCashCost of merchandise soldSales
Accounts payableCashRent revenueSalesSelling expenses
Accounts payableAdministrative expensesCashRent revenueSales
Accounts payableAccounts receivableCashInterest expenseSales
Total expenses
Net incomeNet loss