Ortiz Co. had the following account balances:Sales revenue $ 440,000Cost of goods sold 220,000Salaries and wages expense 30,000Depreciation expense 60,000Dividend revenue 12,000Utilities expense 24,000Rent revenue 60,000Interest expense 36,000Sales returns and allow. 33,000Advertising expense 39,000What would Ortiz report as total expenses in a single-step income statement?a. 421,000b. 442,000c. 409,000d. 189,000

Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Depreciation expense 60,000 Dividend revenue 12,000 Utilities expense 24,000

Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Depreciation expense 60,000 Dividend revenue 12,000 Utilities expense 24,000

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

See similar textbooks

Related questions

Q: Based on the following data, what is the current ratio, rounded to one decimal point? Accounts…

A: Introduction: Current ratio: It tells the ability of the company for paying the short term…

Q: une 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the balance…

A: In basic accounting equation the total assets must be equal to total equity and total liabilities…

Q: In applying the treasury shares (i.e., cash in/cash out) method to determine the dilutive effect of…

A: The proceeds are assumed to be received upon exercise of the options, and warrants are used to…

Q: On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the…

A: As stated in the query Phil's Pinoy Trading, which he owns and operates, was incorporated on June…

Q: What is the monthly payment on an $500,000, 6.0% interest-only mortgage? O $2.500.00 O $28.301.89…

A: Interest only Mortgage is a type of Mortgage Loan under which the borrower is required to pay only…

Q: Based on the following data, what is the current ratio, rounded to one decimal point? Accounts…

A: In the context of the given question, we need to compute the current ratio. Current ratio: The…

Q: n the corporation. What is the CGT?

A: Brief Concept of Calculation of capital gain

Q: On January 1, 2020, Flower Corp. enters into an agreement with Nicki Rentals Inc. to lease a machine…

A: Lease means to give on rent and lessor refers to the seller and lesse refers to the buyer.Lease…

Q: Calculate the current ratio in each of the following separate cases. Current Assets Current…

A: Case 1: Current ratio = Current assetsCurrent liabilities=$75,000$30,000=2.5 Case 2: Current ratio =…

Q: Katrina was an S corporation shareholder. After her initial contributions, she had the following tax…

A: as per the guidelines we can provide the answer for one question( 1st one )as the both question are…

Q: Jan. 1 Leira Wellness Center was a sole proprietorship-service business established by Ms. Leira,…

A: The journal keeps the record for day to day transactions of the business on regular basis. The…

Q: trate the effects of accepting the note from Valley Designs on the accounts and financial statements…

A: Concept of Accounting of note

Q: Which of the following activities regularly conducted by a tax-exempt organization will result in…

A: Unrelated business taxable income must be derived from an activity that constitutes a trade or…

Q: For the current year a company has outstanding 60,520 shares of $1 par common stock and 325760…

A: (1) The additional effect of transforming preferred stock has a numerator of 325,760 and a…

Q: Which of the following are Cash Outflows from Operating Activities? Check All That Apply Purchase a…

A: The question requires us to identify option which is a Cash Outflow from Operating Activity under…

Q: Sheridan Company accepted a national credit card for a $4500 purchase. The cost of the goods sold is…

A: Credit Card Sales are the sales made to customers on receipts by way of credit cards. Credit Cards…

Q: Preston Traders on 28 February 2021 Capital: Presley Capital: Tony Current a/c: Presley (01 March…

A: Answer:- Statement of change in equity:- A statement of change in equity sometimes also called as…

Q: An organizations stock records show the following transactions for a specific item during last…

A: The cost per unit is calculated as total cost divided by number of units produced.

Q: . Bonds issued last year by Gowen Inc. carried a coupon rate of 7%. Bonds issued today by Gowen Inc.…

A: Solution Concept Cost of debt means the cost that the business has to pay on the debt After tax Cost…

Q: On January 1, 2021, Capiz Company purchased factory equipment for P8,000,000. Estimated salvage…

Q: Red, Incorporated has book income of $500,000 before federal income tax expense which includes…

A: The deferred tax asset would arise on difference between book income qnd taxable income of $10000…

Q: PROBLEM-05 The Aeronautical Ltd. has production facility specializing in jobs for the aircraft…

A: Under traditional costing system, overhead costs are allocated on the basis of single allocation…

Q: Kirkland Manufacturing Ltd. (lessee) has signed a lease agreement with VPN Leasing Inc. to lease…

A: Given, Normal selling price = $241625 This is a Finance lease transaction as it satisfy the…

Q: An S corporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three…

A: Total basis of shareholders stock after district of inventory and value is = Total basis of…

Q: A 60-day, 5% note for $10,200, dated April 15, is received from a customer on account. The face…

A: The face value of the note is $10200

Q: 2. Compute for the selling price for the product Banana Loaf whose total cost is P625.00 which can…

A: Markup is the additional Profits charged over the cost to get the selling Price. Markup = (Selling…

Q: Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common…

A: Since Earnings per share = (Net income - Preferred Stock Dividend)/Weighted average number of…

Q: Calculate the current ratio in each of the following separate cases. Current Assets Current…

A: The current ratio is calculated as current assets divided by current liabilities.

Q: The following information is provided for the year. Actual direct labour hours worked 36,000…

A: Overhead allocation is based on a predetermined overhead rate. The predetermined overhead rate can…

Q: On January 1, 2021, Bose Company issued bonds with a face value of $600,000. The bonds carry a…

A: Routine transactions, such as customer charges and supplier invoicing, should not be recorded using…

Q: installation amount to P35,000. The equipment is set to have 12 years with the salvage value at th…

A: Depreciation Accounting

Q: 500 preference shares and 800

A: Share Subscription In the share subscription which are involved with the preference shares and…

Q: Waterway Industries is considering the replacement of a piece of equipment with a newer model. The…

A: Depreciation is the reduction in the value of an asset due to normal wear and tear, passage of time,…

Q: On May 28, 2021, Pesky Corporation acquired all of the outstanding common stock of Harman, Inc., for…

A: Solution:- 1)Determination of the amount of goodwill that resulted from the Harman acquisition as…

Q: Averys All-Natural Company supplies wigs and hair care products to beauty salons throughout Texas…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Issued 13,000 shares of stock at par to Paul Glenn for cash. b. (1) Issued 550 shares of stock at…

A: Double Entry system of bookkeeping Under this system one account is debited and other account is…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Introduction: Net income: deduction of all expenses from revenues derives the net income. Net income…

Q: From the above schedule of activity costs, determine the value-added Oa. $235,700 Ob. $171,900 Oc.…

A: Solution:- Value added costs:- Value added is the difference between the price of a product or…

Q: The important information services functions of the general ledger and business reporting (GL/BR)…

A: GL/ BR stands for General ledger and business reporting process which is an interacting structure…

Q: A tear-off part of a check that has a simple explanation of the reasons for the payment is called:

A: The Check has Different Features which enables the User to utilize to its best use. The Tear Off…

Q: The following information pertains to HaffVay Hotels, Inc.'s pension plan for calendar 2019:…

A: Closing PBO = Beg PBO + Service cost+ Interest cost + Service cost - benefits paid = 96000…

Q: Yeopay Plumbing Supply accepts bank credit cards and offers established plumbers charge accounts…

A: The question is based on the concept of Cost Accounting.

Q: 1. A company bought a telecommunication equipment for P280,000. Other expenses including…

A: Concept of Fixed Assets and Depreciation accounting

Q: ,000 as the r chased equip e remaining erest rate of each month.

A: Transaction Worksheet: The Accounting Transactions worksheet includes the unadjusted Trail Balance,…

Q: A domestic corporation started operations in year 2008. The following data on income taxes during…

A: Income tax payable refers to the account which is shown as the current liabilities in the balance…

Q: Yesterday, John bought a ten-year, $50,000 coupon bond with an annual rate of 5% compounded…

A: solution concept using the principle of time value of money -if the discounting rate is higher ,…

Q: XYZ company provided the following information: Sales $30,000 3,000 Accounts payable Selling…

A: Introduction: Gross profit: Deduction of cost of goods sold from the sales value derives the Gross…

Q: Calculate the VAT payable/refundable for January 2020

A: VAT is the amount which is an indirect tax and which is levied on the products and services which…

Q: Belltone Company made the following expenditures related to its 10-year-old manufacturing facility:…

A: Journal entries refers to initial record maintained in the books for the transactions happening in…

Q: et Rental Income. (Obj. 1) ye its. Sandee resides in one unit and rents out the other. The tenant…

A: Net rental income would include the revenue from the rent and other expenses are to be deducted from…

Question

Ortiz Co. had the following account balances:
Sales revenue $ 440,000
Cost of goods sold 220,000
Salaries and wages expense 30,000
Depreciation expense 60,000
Dividend revenue 12,000
Utilities expense 24,000
Rent revenue 60,000
Interest expense 36,000
Sales returns and allow. 33,000
Advertising expense 39,000
What would Ortiz report as total expenses in a single-step income statement?
a. 421,000
b. 442,000
c. 409,000
d. 189,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Profitability Ratios The following data came from the financial statements of Israel Company: Revenue $900,000 Assets $600,000 Expenses 600,000 Liabilities 100,000 Net income 300,000 Average equity 500,000 Required:
Jasmine Company provided the following income statements for its first 3 years of operation: Refer to the information for Jasmine Company above. Required: Prepare common-size income statements by using net sales as the base. (Note: Round answers to the nearest whole percentage.)
Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: a. Prepare a multiple-step income Statement for the year ended March 31, 20Y5. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement, statement of owners equity, and balance sheet) shown on pages 596597, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was 21,600. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory