Question: How much should Compass Rose, Inc. have reported as Total Revenue in the revenue section of the Income Statement? A) $232,000 B) $237,000 C) $243,000
How much should Compass Rose, Inc. have reported as Total Revenue in the revenue section of the Income Statement?
A) $232,000
B) $237,000
C) $243,000
D) $250,000
Please show work. Thanks
The bookkeeper for Compass Rose, Inc. mistakenly included the following items in the revenue section of the company's Income Statement: Licensing and royalty income 5,000 Income from operations of component unit (including gain on unit disposal of $21,600) 20,000 Income tax expense 7,000 Net sales revenue 220,000 Service revenue 12,000 Total revenues 250,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
