Q8) Sheridan Company had the following account balances:

Sales revenue	$ 438000
Cost of goods sold	222000
Salaries and wages expense	32000
Depreciation expense	59000
Dividend revenue	13000
Utilities expense	25000
Rent revenue	59700
Interest expense	35600
Sales returns and allow.	32800
Advertising expense	38500

What would Sheridan report as total revenues in a single-step income statement?

$ 476900

$ 65800

$ 477900

$ 438000

Q9) For Oriole Company, the following information is available:

Cost of goods sold	$391000
Dividend revenue	15400
Income tax expense	35200
Operating expenses	137500
Sales revenue	611000

In Orioles multiple-step income statement, gross profit

should be reported at $235400.

should be reported at $220000.

should be reported at $62700.

should not be reported.