Exercise 3-15 Single-step and multistep income statements LO 3-3 The following information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed in alphabetical order, and each has a normal balance. Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/2018 Sales revenue Salaries expense Rent expense Gain on sale of land $ 800 2,250 600 1,850 2,000 2,950 120 1,250 720 2,610 5,600 960 510 200 Prepare an income statement for the year using the single-step approach. GREEN MARKET Single-Step Income Statement For the Year Ended December 31, 2018 Expenses Total cost and expenses GREEN MARKET Multistep Income Statement For the Year Ended December 31, 2018 Operating expenses Total operating expenses Non-operating items