Crane Company had the following account balances:

Sales revenue $ 445000

Cost of goods sold 218000

Salaries and wages expense 28500

Depreciation expense 58500

Dividend revenue 10500

Utilities expense 24000

Rent revenue 58000

Interest expense 35500

Sales returns and allow. 34000

Advertising expense 39500

What would Crane report as total revenues in a single-step income statement?

The correct answer is $479,500.

Explanation:

According to the scenario, the computation of the given data are as follows:

We can calculate the total revenue by using following formula:

Total revenue = Net sale + Dividend revenue + Rent revenue

Where, Net sales = Sales revenue - Sales return

= $445,000 - $34,000 = $411,000

By putting the value in the formula, we get

Total revenue = $411,000 + $10,500 + $58,000

= $479,500