Question

Crane Company had the following account balances: Sales revenue $ 449000 Cost of goods sold 217000 Salaries and wages expense 28500 Depreciation expense 64500 Dividend revenue 12200 Utilities expense 24500 Rent revenue 61200 Interest expense 35000 Sales returns and allow. 33900 Advertising expense 38200 What would Crane report as total revenues in a single-step income statement

Answer 1

The total revenue Crane would report in a single-step income statement is $488,500

Step-by-step explanation:

The amount of revenue Crane would report in a single step income statement is the sales revenue less sales return and allowance plus the dividend revenue as well as the rent revenue

sales revenue is $449,000

sales return and allowance is $33,900

dividend revenue is $12,200

rent revenue is $61,200

total sales=$449,000-$33,900+$12,200+$61,200=$488,500