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The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 2. The accounts are listed in
The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 2. The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands.
Accounts payable | $ 800 |
---|---|
Accounts receivable | 2,250 |
Advertising expense | 600 |
Cash | 1,850 |
Common stock | 2,000 |
Cost of goods sold | 2,950 |
Interest expense | 120 |
Merchandise inventory | 1,250 |
Prepaid rent | 720 |
Retained earnings, 1/1/Year 2 | 2,610 |
Sales revenue | 5,600 |
Salaries expense | 960 |
Rent expense | 510 |
Gain on sale of land | 200 |
Required 1. Prepare an income statement for the year using the single-step and multistep approach.
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