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 $ 610 Accounts receivable 410 Advertising expense 200 Cash 420 Common stock 210 Cost of goods sold 700 Interest expense 60 Merchandise inventory 350 Prepaid rent 50 Retained earnings, 1 1 Year 2 645 Sales revenue 1,100 Salaries expense 230 Rent expense 100 Gain on sale of land 45 Required Prepare an income statement for the year using the single step and multistep approach Prepare an income statement for the year using the single step approach (Enter values in thousands of dollars Amount to be deducted and losses should be indicated with a minus sign ) Prepare an income statement for the year using the multistep approach (Enter values in thousands of dollars Amounts be deducted and losses should be indicated with a minus sign )

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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	$ 610
Accounts receivable	410
Advertising expense	200
Cash	420
Common stock	210
Cost of goods sold	700
Interest expense	60
Merchandise inventory	350
Prepaid rent	50
Retained earnings, 1/1/Year 2	645
Sales revenue	1,100
Salaries expense	230
Rent expense	100
Gain on sale of land	45

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

Prepare an income statement for the year using the single-step approach. (Enter values in thousands of dollars. Amount to be deducted and losses should be indicated with a minus sign.) Prepare an income statement for the year using the multistep approach. (Enter values in thousands of dollars. Amounts be deducted and losses should be indicated with a minus sign.)