Assignment
The following amounts appeared on Davison Company's 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?