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The following amounts appeared on Davison Companys adjusted trial balance as of October 31, 2023, the end of its fiscal year: Debit Credit Merchandise inventory

The following amounts appeared on Davison Companys adjusted trial balance as of October 31, 2023, the end of its fiscal year:

Debit Credit
Merchandise inventory $ 16,000
Other assets 256,800
Liabilities $ 78,400
Brenda Davison, capital 203,280
Brenda Davison, withdrawals 65,000
Interest income 1,120
Sales 424,000
Sales discounts 6,500
Sales returns and allowances 28,000
Cost of goods sold 169,300
Sales salaries expense 52,000
Rent expense, selling space 19,000
Store supplies expense 5,000
Advertising expense 29,400
Office salaries expense 53,000
Rent expense, office space 5,200
Office supplies expense 1,600
Totals $ 706,800 $ 706,800

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

2. Present a condensed single-step income statement.

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