Exercise 3-15 Single-step and multistep income statements LO 3-3

The following information was taken from the accounts of Healthy Eats, a delicatessen, at December 31, 2014. The accounts are listed in alphabetical order, and each has a normal balance.

Accounts payable	$	608
Accounts receivable		408
Advertising expense		200
Cash		418
Common stock		208
Cost of goods sold		600
Interest expense		62
Merchandise inventory		370
Prepaid rent		48
Retained earnings		643
Sales revenue		1,080
Salaries expense		210
Rent expense		100
Loss on sale of land		123

Required

Prepare an income statement for the year using the single-step and multi-step approach. (Loss amounts should be indicated by minus sign.)