Problem 5-5A Income Statements:

The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Merchandise inventory Other assets Liabilities Brenda Davison, capital Brenda Davison, withdrawals Interest income Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense Totals Debit Credit $ 16,000 256,800 $ 78,400 203,280 65,000 1,120 424,000 6,500 28,000 169, 300 52,000 19,000 5,000 29,400 53,000 5,200 1,600 $706,800 $706,800 2. Present a condensed single-step income statement. DAVISON COMPANY Income Statement For Year Ended October 31, 2020 Revenues Total revenues Expenses: Total expenses