Ortiz Co. had the following account balances:Sales revenue $ 440,000Cost of goods sold 220,000Salaries and wages expense 30,000Depreciation expense 60,000Dividend revenue 12,000Utilities expense 24,000Rent revenue 60,000Interest expense 36,000Sales returns and allow. 33,000Advertising expense 39,000What would Ortiz report as total expenses in a single-step income statement?a. 421,000b. 442,000c. 409,000d. 189,000

Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Depreciation expense 60,000 Dividend revenue 12,000 Utilities expense 24,000

Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Depreciation expense 60,000 Dividend revenue 12,000 Utilities expense 24,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Ortiz Co. had the following account balances:
Sales revenue $ 440,000
Cost of goods sold 220,000
Salaries and wages expense 30,000
Depreciation expense 60,000
Dividend revenue 12,000
Utilities expense 24,000
Rent revenue 60,000
Interest expense 36,000
Sales returns and allow. 33,000
Advertising expense 39,000
What would Ortiz report as total expenses in a single-step income statement?
a. 421,000
b. 442,000
c. 409,000
d. 189,000

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