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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Present a condensed single-step income statement. DAVISON COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses
Transcribed Image Text:2. Present a condensed single-step income statement. DAVISON COMPANY Income Statement For Year Ended October 31, 2020 Revenues: Total revenues Expenses: Total expenses
The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit Credit Merchandise inventory Other assets $ 16,000 256,800 Liabilities $ 78,400 Brenda Davison, capital Brenda Davison, withdrawals Interest income Sales Sales discounts 203,280 65, 000 1,120 424,000 6,500 28,000 169,300 52,000 19,000 5,000 29,400 53,000 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 5,200 1,600 Totals $706,800 $706,800
Transcribed Image Text:The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit Credit Merchandise inventory Other assets $ 16,000 256,800 Liabilities $ 78,400 Brenda Davison, capital Brenda Davison, withdrawals Interest income Sales Sales discounts 203,280 65, 000 1,120 424,000 6,500 28,000 169,300 52,000 19,000 5,000 29,400 53,000 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 5,200 1,600 Totals $706,800 $706,800
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