Question 1

Cullumber Company had the following account balances:

Sales revenue $ 446000

Cost of goods sold 224000

Salaries and wages expense 29000

Depreciation expense 62000

Dividend revenue 13500

Utilities expense 23500

Rent revenue 58000

Interest expense 36500

Sales returns and allow. 33000

Advertising expense 40000

What would Cullumber report as total expenses in a single-step income statement?

$415000

$191000

$428500

$448000