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What would Sandhill report as total revenues

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Q1. In November and December 2020, Bonita Industries, a newly organized magazine publisher, received $76800 for 1,000 three-year subscriptions at $24 per year, starting with the January 2021 issue. Bonita included the entire $76800 in its 2020 income tax return. What amount should Bonita report in its 2020 income statement for subscriptions revenue?

a. $76800.

b. $0.

c. $25600.

d. $4266.

Q2. Sandhill Co. had the following account balances:

Sales revenue $431000

Cost of goods sold 226000

Salaries and wages expense 33500

Depreciation expense 64000

Dividend revenue 11400

Utilities expense 23100

Rent revenue 58800

Interest expense 36100

Sales returns and allow 33200

Advertising expense 38100

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

a. $468000

b. $431000

c. $487500

d. $47200

Reference no: EM133010774

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