The following information relates to Ashton Appliances for 2011.

Required:
1. Prepare a single-step income statement for 2011, a retained earnings statement for 2011, and a properly classified balance sheet as of December 31, 2011.
2. Conceptual Connection: How would a multiple-step income statement be different from the single-step income statement you prepared for Ashton?

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$16,800 Accounis payable Accounts receivable Accumulated depreciation (building 04,800 Insurance expense Accumulated depreciation (furniture) 27,600 Interest expense Bonds payable (due in 7 years) Building Cash Common stock Cost of goods sold Depreciation expense building) Depreciation expense [furniture) Furnifure 16,650 12,000 36,610 15,500 59,850 92,800 80,800 54,000 101,000 7,190 948,670 127,710 Income taxes expense Income taxes payable 69,900 192,000 Inventory 300,000 Other assets 41,450 243,610 511,350 Rent expense [store equipment) Retained earnings, 12/31/2010 Salaries expense (administrative) 11,050 Salaries payable 12,000 Sales revenue 130,000 Wages expense (store staff)