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Present a condensed single-step income statement

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Question - The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year:

Debit Credit Merchandise inventory $16,100 Other assets 257,800 Liabilities $78,500 Brenda Davison, capital 204,320 Brenda Davison, withdrawals 65,100 Interest income 1,130 Sales 425,000 Sales discounts 6,600 Sales returns and allowances 28,100 Cost of goods sold 169,400 Sales salaries expense 52,100 Rent expense, selling space 19,100 Store supplies expense 5,100 Advertising expense 29,500 Office salaries expense 53,100 Rent expense, office space 5,300 Office supplies expense 1,650 Totals $708,950 $708,950

Required -

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

2. Present a condensed single-step income statement.

Reference no: EM132990704

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