Question
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
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 Debit $ 15,400 250,800 Credit $ 77,800 Liabilities Brenda Davison, capital 197,040 Brenda Davison, withdrawals 64,400 Interest income 1,060 Sales 418,000 21 Sales discounts 5,900 Sales returns and allowances 27,400 Cost of goods sold 168,700 Sales salaries expense 51,400 Rent expense, selling space 18,400 Store supplies expense 4,400 Advertising expense 28,800 Office salaries expense 52,400 Rent expense, office space 4,600 Office supplies expense 1,300 Totals $693,900 $693,900 03 Required: 1. Prepare a classified multiple-step income statement for internal use. DAVISON COMPANY Income Statement For Year Ended October 31, 2020 Operating expenses:" Selling expenses: Total selling expenses General and administrative expenses: Total general and administrative expenses Total operating expenses Other revenues and expenses + Selling expenses: Total selling expenses General and administrative expenses: Total general and administrative expenses Total operating expenses Other revenues and expenses: 2. Present a condensed single-step income statement. DAVISON COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses
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