Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ortiz Co. had the following account balances: Sales: $180,000; Cost of goods sold: $90,000; Depreciation expense: $30,000; Sales discount: $4,000; Interest revenue: $6,000; Utilities expense:
Ortiz Co. had the following account balances: Sales: $180,000; Cost of goods sold: $90,000; Depreciation expense: $30,000; Sales discount: $4,000; Interest revenue: $6,000; Utilities expense: $12,000; Rental revenue: $30,000; Interest expense: $18,000. What would Ortiz report as total net revenues in a single-step income statement?
$186,000 |
| $15,000 |
| $206,000 |
| $180,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started