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 inHow 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

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