Ortiz Co. had the following account Sales Cost of goods sold Salary expense Depreciation expense Dividend...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ortiz Co. had the following account Sales Cost of goods sold Salary expense Depreciation expense Dividend revenue Utilities expense Rental revenue Interest expense Sales returns Advertising expense balances : $ 120,000 60,000 10,000 20,000 4,000 8,000 20,000 12,000 11,000 13,000 22. What would Ortiz report as total revenues in a single -step income statement ? Ortiz Co. had the following account Sales Cost of goods sold Salary expense Depreciation expense Dividend revenue Utilities expense Rental revenue Interest expense Sales returns Advertising expense balances : $ 120,000 60,000 10,000 20,000 4,000 8,000 20,000 12,000 11,000 13,000 22. What would Ortiz report as total revenues in a single -step income statement ?
Expert Answer:
Answer rating: 100% (QA)
In a singlestep income statement Ortiz would report the total revenues by adding up all the re... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
The 2017 comparative balance sheet and income statement of 4 Seasons Supply Corp. follow. 4 Seasons had no non-cash investing and financing transactions during 2017. During the year, there were no...
-
The 2014 and 2013 comparative balance sheets and 2014 income statement of Sommar Medical Supply Corp. follow: Sommar Medical Supply had no noncash investing and financing transactions during 2014....
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
Sulfur trioxide reacts with water to form sulfuric acid, a major contributor to acid rain. One origin of SO 3 is the combustion of sulfur, which is present in small quantities in coal, according to...
-
For the function t whose graph is given, state the following. (a) lim x →∞ g(x) (b) lim x →-∞ g(x) (c) lim x →3 g(x) (d) lim x →-0 g(x) (c) lim x →-2+ g(x) (d)...
-
A mass of 0.2 kg of saturated refrigerant-134a is contained in a pistoncylinder device at 200 kPa. Initially, 75 percent of the mass is in the liquid phase. Now heat is transferred to the refrigerant...
-
Gibsons Nursery has the following information as of December 31,2010: Requirements 1. Compute the rate of inventory turnover for Gibsons Nursery for the year ended December 31,2010. Round the result...
-
Kelly Foods has two plants and ships canned vegetables to customers in four cities. The cost of shipping one case from a plant to a customer is given in the following table. The plant in Akron has a...
-
Perform online market research to select an existing company with an active social media presence. Compose a 2- to 3-page paper (500 to 750 words) in APA format explaining why you are choosing this...
-
You are creating a customer database for the Lehigh Valley IronPigs minor league baseball team. Draw a project network given the information below. Complete the forward and backward pass, compute...
-
4. Let A = T-11 -5 12 12 7 2 5 4 a) Find eigenvalues of A. b) Find eigenvectors of A. c) Find an invertible matrix P, and a diagonal matrix D such that P-AP = D.
-
Provide a brief background to lvmhLVMH Mot Hennessy Louis Vuitton commonly , highlighting key sustainability issues. o Note the Sustainable Development Goals and the UN Global Compact 10 principles....
-
Nicole Grandstone is a new staff accountant at James & Associates. She is paid a salary of $67,600 per year and is expected to work 2,600 hours per year on client jobs. The firm's indirect cost...
-
Critically think about GDP as a measure of growth. Economic prosperity is usually tied to GDP growth. However, it does not capture individuals' well-being, and we see high levels of wealth inequality...
-
Falling interest rates have triggered a rally in the bond market that has many investors rejoicing. Why would falling interest rates trigger a rally in the bond market? A8. The government clearly...
-
The project manager of a steel manufacturing factory in Hamilton puts forth a proposal to the senior management for the immediate purchase of a specialized machine that costs $2,750,000. She...
-
Jessie Owens Bhd. is a haulage contractor and operates three tow trucks. The following information is available: Loading costs: RM9 per tonne Fuel costs: RM0.75 per kilometre Repair costs: 45...
-
Inexhaustible collections of ONPOs are not required to be capitalized or depreciated, if certain criteria are met. Why is this so, and what accounting and reporting recognition, if any, is required...
-
Rachel Timber Inc., a small private company that follows ASPE, owns 9,000 hectares of timberland purchased in 2004 at a cost of $1,400 per hectare. At the time of purchase, the land without the...
-
On January 1, 2017, Caroline Lampron and Jenni Meno formed a computer sales and service enterprise in Montreal by investing $90,000 cash. The new company, Razorback Sales and Service, has the...
-
NB Corp. purchased a $100,000 face-value bond of Myers Corp. on August 31, 2016, for $104,490 plus accrued interest. The bond pays interest annually each November 1 at a rate of 9%. On November 1,...
-
The joint density function of two random variables \(X\) and \(Y\) is given by \[p_{X, Y}(x, y)= \begin{cases}\frac{x y}{9}, & 0 \leq x \leq 2,0 \leq y \leq 3 \\ 0, & \text { elsewhere }\end{cases}\]...
-
Define the correlation coefficient, \(ho_{X Y}\).
-
True or False. The autocorrelation function \(R\left(t_{1}, t_{2} ight)\) is the same as \(E\left[x\left(t_{1} ight) x\left(t_{2} ight) ight]\).
Study smarter with the SolutionInn App