(TCO C) Ivy Co. had the following account balances.

Sales	$ 120,000
cost of goods sold	70.000
salary expense	15,000
depreciation expense	20,000
dividend income	5,000
Public service spending	6,000
rental income	30,000
Interest expenses	10,000
advertising expenses	15,000

What would Ivy report as total expenses on a one-step income statement?

Answer rating: 100% (QA)

To calculate the total expenses on a onestep income statement we need to add up all the ... View the full answer