Solution-Present a condensed single-step income statement

Present a condensed single-step income statement

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Reference no: EM131785121

Assignment

The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2017, the end of its fiscal year:

	Debit	Credit
Merchandise inventory	15,000
Other assets	246,800
Liabilities		77,400
Brenda Davison, capital		192,880
Brenda Davison, withdrawals	64,000
Interest income		1,020
Sales		414,000
Sales discounts	5,500
Sales returns and allowances	27,000
Cost of goods sold	168,300
Sales salaries expense	51,000
Rent expense, selling space	18,000
Store supplies expense	4,000
Advertising expense	28,400
Office salaries expense	52,000
Rent expense, office space	4,200
Office supplies expense	1,100
Totals	685,300	685,300

Required:

1. Prepare a classified, multiple-step income statement for internal use.

2. Present a condensed single-step income statement.

Can you how me how to create a multi-step and single-step income statement for this scenario?

Reference no: EM131785121

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Present a condensed single-step income statement

Reference no: EM131785121

Reference no: EM131785121

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