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The following amounts appeared on Davison Companys adjusted trial balance as of October 31, 2017, the end of its fiscal year: Debit Credit Merchandise inventory
The following amounts appeared on Davison Companys adjusted trial balance as of October 31, 2017, the end of its fiscal year:
Debit | Credit | |||
Merchandise inventory | $ | 15,000 | ||
Other assets | 246,800 | |||
Liabilities | $ | 77,400 | ||
Brenda Davison, capital | 192,880 | |||
Brenda Davison, withdrawals | 64,000 | |||
Interest income | 1,020 | |||
Sales | 414,000 | |||
Sales discounts | 5,500 | |||
Sales returns and allowances | 27,000 | |||
Cost of goods sold | 168,300 | |||
Sales salaries expense | 51,000 | |||
Rent expense, selling space | 18,000 | |||
Store supplies expense | 4,000 | |||
Advertising expense | 28,400 | |||
Office salaries expense | 52,000 | |||
Rent expense, office space | 4,200 | |||
Office supplies expense | 1,100 | |||
Totals | $ | 685,300 | $ | 685,300 |
Required: 1.Prepare a classified, multiple-step income statement for internal use. 2.Present a condensed single-step income statement.
Can you how me how to create a multi-step and single-step income statement for this scenario?
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