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  3. 10. ortiz co. had the following account balances:

10. Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods...

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Accounting

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10. 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 retums and allow 33,000 Advertising expense 39,000 What would Ortiz report as total expenses in a single-step income statement? 0 $421,000 0 $442,000 O $409,000 O $189,000 11. For Mortenson Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Mortenson's single-step income statement, gross profit should not be reported. should be reported at $51,000. should be reported at $210,000. O . should be reported at $225,000

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