Answer asap 2. Present a condensed single-step income statement.DAVISON COMPANYIncome StatementFor Year Ended October 31, 2020Revenues:Total revenuesExpenses:Total expenses The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year:DebitCreditMerchandise inventoryOther assets$ 16,000256,800Liabilities$ 78,400Brenda Davison, capitalBrenda Davison, withdrawalsInterest incomeSalesSales discounts203,28065, 0001,120424,0006,50028,000169,30052,00019,0005,00029,40053,000Sales returns and allowancesCost of goods soldSales salaries expenseRent expense, selling spaceStore supplies expenseAdvertising expenseOffice salaries expenseRent expense, office spaceOffice supplies expense5,2001,600Totals$706,800 $706,800

Income Statement:-It consists of expenses and revenue which results in Net income or loss. It is a…

The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 16,000 Credit Merchandise inventory Other assets 256,800 $ 78,400 Liabilities Brenda Davison, capital Brenda Davison, withdrawals 203,280 65,000 Interest income 1,120 Sales 424,000 Sales discounts 6,500 28,000 169,300 52,000 19,000 5,000 29,400 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 53,000 5,200 1,600 Totals $706,800 $706,800

The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 16,000 Credit Merchandise inventory Other assets 256,800 $ 78,400 Liabilities Brenda Davison, capital Brenda Davison, withdrawals 203,280 65,000 Interest income 1,120 Sales 424,000 Sales discounts 6,500 28,000 169,300 52,000 19,000 5,000 29,400 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 53,000 5,200 1,600 Totals $706,800 $706,800

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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