Exercise $4-14$A $($Algo$)$ Single$-$step and multistep income statements LO $4-6$

The following information was taken from the accounts of Green Market, a small grocery store, at December $3$ Year $1.$ The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands.

Accounts payable

Accounts receivable

Advertising expense

Cash

Common stock

cost of goods sold

Interest expense

Merchandise inventory

Prepaid rent

Retained earnings, $\frac{1}{1}\frac{?}{?}$ Year $1$

Sales revenue

Salaries expense

Rent expense

Gain on sale of land

$$608$

$408$

$200$

$418$

$208$

$600$

$62$

$370$

$48$

$643$

$1,080$

$210$

$100$

$123$

Required:

Prepare an income statement for the year using the single$-$step and multistep approach.

Note: Enter values in thousands of dollars. Amounts to be deducted and losses should be indicated with a minus sign.

Single$-$step

$\backslash$table$[[$GREEN MARKET$],[$Income Statement$],[$For the Year Ended December $31,$ Year $1],[$Net sales revenue,$ln1,$$