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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:

Orange Co

Trial Balance

December 31

Accounts

Debit

Credit

Merchandise inventory

16,200

Other assets

258,800

Liabilities

78,600

Brenda Davison, capital

205,360

Brenda Davison, withdrawals

65,200

Interest income

1,140

Sales

426,000

Sales discounts

6,700

Sales returns and allowances

28,200

Cost of goods sold

169,500

Sales salaries expense

52,200

Rent expense, selling space

19,200

Store supplies expense

5,200

Advertising expense

29,600

Office salaries expense

53,200

Rent expense, office space

5,400

Office supplies expense

1,700

Totals

$ 711,100

$ 711,100

Present a multiple-step income statement and a condensed single-step income statement.

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