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Ortiz Co. had the following account balances: Sales revenue $180,000, Cost of goods sold $$90,000, Salaries and wages expense $15,000, Depreciation expense $30,000, Dividend revenue $6,000, Utilities expense $12,000, Rent revenue $30,000, Interest expense $18,000, Sales returns and allow $16,500, Advertising expense $19,500.

What would Ortiz report as total revenue in a single-step income statement?

a)$199,500

b)$15,000

c)$216,000

d)$180,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958765

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