Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019. Accounts payable $16,800 Accounts receivable 68,400 105,300 Accumulated depreciation (building) Accumulated depreciation (furniture) 27,600 192,000 Bonds payable (due in 7 years) Building 300,000 Cash 41,450 Common stock 113,210 Cost of goods sold 511,350 Depreciation expense (building) 11,050 Depreciation expense (furniture) 12,000 Furniture 130,000 Income taxes expense 16,650 Income taxes payable 10,100 Insurance expense 36,610 Interest expense 15,500 Inventory 59,850 Other assets 92,800 Rent expense (store equipment) 79,100 Retained earnings, 12/31/2018 54,000 Salaries expense 101,000 1. Prepare a single-step income statement for 2019. Ashton Appliances Income Statement For the Year Ended December 31, 2019 Revenues: Sales revenue $ 949,560 Expenses: Cost of goods sold $ Salaries expense Rent expense Insurance expense Interest expense Qoll1000 Depreciation expense (furniture) Depreciation expense (building) Income taxes expense Total expenses Net income Prepare a retained earnings statement for 2019. Ashton Appliances Retained Earnings Statement For the Year Ended December 31, 2019 Prepare a properly classified balance sheet as of December 31, 2019. Ashton Appliances Balance Sheet December 31, 2019 Assets Current assets: Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: 0 0 0 Total liabilities Stockholders' Equity Stockholders' equity: Total stockholders' equity Stockholders' Equity Stockholders' equity Total stockholders' equity Total abilities and stockholders' equity 2. Conceptual Connection. How would a multiple-step income statement be different from the single-step income statement you prepared for Ashton? A single-step income statement and a multiple-step income statement report amount for net income. However, a two categories are subtracted to arrive at net income. Therefore, between the two formats is income statement only contains two categories. These