Question

Blossom Company had the following account balances: Sales revenue $ 430000 Cost of goods sold 210000 Salaries and wages expense 28000 Depreciation expense 58000 Dividend revenue 10000 Utilities expense 22000 Rent revenue 58000 Interest expense 35000 Sales returns and allow. 32000 Advertising expense 38000 What would Blossom report as total expenses in a single-step income statement?

Answer 1

The total expenses to be reported in single step income statement is $391,000

Step-by-step explanation:

In order to calculate what would Blossom report as total expenses in a single-step income statement we would to have the following calculation:

total expenses to be reported in single step income statement= Cost of goods sold+ Salary Expense+Depreciation+Utilities+Interest expense+Advertising

total expenses to be reported in single step income statement= $210,000+$28,000+$58,000+$22,000+$35,000+$38,000

total expenses to be reported in single step income statement= $391,000