Wildhorse company had the following account balances sales revenue 444000 cost of goods sold 217000 salary...
Wildhorse company had the following account balances sales revenue 444000 cost of goods sold 217000 salary and wages expense 25500 depreciation expense 63500 dividend revenue 11200 utility expense 24000 rent revenue 59600 interests expense 36800 ssles returns and allowances 32800 advertising expense 38500 what would wildhorse report as total revenue in a single step income statement
Homework Answers
Answer :- Calculation of Total revenue that would be reported in a single step income statement:-
Total Revenue = Sales Revenue + Dividend Revenue + Rent Revenue - Sales return and allowance
Total Revenue = $444,000 + $11,200 + $59,600 - $32,800
Total Revenue = $482,000
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Wildhorse company had the following account balances
sales revenue 444000 cost of goods sold 217000 salary...
Ortiz Co, had the following account balances: Sales revenue $ 440.000 Cost of goods sold 220,000...
Ortiz Co, had the following account balances: Sales revenue $ 440.000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Prepaid insurance expense 60,000 Dividend revenue 12,000 Utilities expense 24,000 Rent revenue 60,000 Interest expense 36.000 Unearned revenue 33,000 Advertising expense 39.000 What would Ortiz report as total expenses in a single-step income statement? $409,000 $189.000 5349,000 5129,000
Ortiz Co. had the following account balances: Sales revenue &nb
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Advertising expense
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Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
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31,000
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2,646,000
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B) The following selected accounts from Okanagan
Corporation’s general ledger are presented below for the year ended
December 31, 2018:
Accounts receivable
$249,000
Accumulated depreciation—equipment
745,000
Advertising expense
50,000
Common shares
254,000
Cost of goods sold
1,085,000
Depreciation expense
131,000
Dividends declared
154,000
Equipment
1,461,000
Freight out
24,000
Income tax expense
73,000
Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
103,000
Prepaid expenses
31,000
Rent revenue
24,000
Retained earnings
506,000
Salaries expense
772,000
Sales
2,646,000
Sales discounts
22,000...
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