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...

Extracted 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


Extracted 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