Problem 5-5A Income Statements:Problem 5-5A Income Statements: 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 2. Present a condensed single-step income statement.DAVISON COMPANYIncome StatementFor Year Ended October 31, 2020Revenues:Total revenuesExpenses:Total expenses

Income statement: It presents a company’s total income and expenditure and whether the company is…

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

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

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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Question

Problem 5-5A Income Statements:

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

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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