ome Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbeok sig

Question

ome Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbeok signment > Open Assignment TIMER Start Time: 09:55 PM/ Remaining: 5 min, CALCULATOR FUL SIGNMENT SOURCES Multiple Choice Question 62 Cullumber Company had the following account balances: Sales revenue Cost of goods sold Salaries and wages expense35000 Depreciation expense Dividend revenue Utilities expense Rent revenue iz 1 445000 225000 64000 12400 23000 61700 35400 34000 38700 Multiple Choice Interest expense Sales returns and allow. Advertising expense What would Cullumber report as total revenues in a single-step income statement? uestion 78 $490100 O $485100 ( $445000 O $ 64000 iew Score ew Results by dy Obiective Tune here to search

Explanation / Answer

Single step income statement is the type of income used relatively in small and easy businesses where the income and expenses are recorded as follows :

(revenue +income+ gains) - (expenses +losses) = net income

So in case of cullumber company, total revenue is :

Sales revenue $ 445000

- sales return and all ($34000)

+ dividend revenue $12400

+rent revenue $61700

Total revenue.   $485100

Thus, the correct answer is (B) $485100

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