Question
Assignment 5 Accounting for Merchandising Activities Question 1 The following amounts appeared on the Orange Cos adjusted trial balance as of December 31, the end
Assignment 5 Accounting for Merchandising Activities
Question 1
The following amounts appeared on the Orange Cos adjusted trial balance as of December 31, the end of its fiscal year:
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| Orange Co |
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| Trial Balance |
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| December 31 |
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| Accounts |
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| Debit | Credit |
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| Merchandise inventory | 16,200 |
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| Other assets | 258,800 |
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| Liabilities |
| 78,600 |
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| Brenda Davison, capital |
| 205,360 |
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| Brenda Davison, withdrawals | 65,200 |
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| Interest income |
| 1,140 |
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| Sales |
| 426,000 |
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| Sales discounts | 6,700 |
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| Sales returns and allowances | 28,200 |
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| Cost of goods sold | 169,500 |
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| Sales salaries expense | 52,200 |
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| Rent expense, selling space | 19,200 |
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| Store supplies expense | 5,200 |
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| Advertising expense | 29,600 |
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| Office salaries expense | 53,200 |
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| Rent expense, office space | 5,400 |
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| Office supplies expense | 1,700 |
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| Totals | $ 711,100 | $ 711,100 |
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Present a multiple-step income statement and a condensed single-step income statement.
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