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 Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise Inventory Prepaid rent Retained earnings, 1/1/Year 2 Sales revenue Salarles expense Rent expense Gain on sale of land $ 606 200 416 206 64 390 46 641 1,060 190 100 101 Required Prepare an income statement for the year using the single-step and multistep approach

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 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, 1/1/Year 2
Sales revenue
Salaries expense
Rent expense
Gain on sale of land
$ 606
406
Required
Prepare an income statement for the year using the single-step and multistep approach
200
416
206
600
64
390
46
641
1,060
190
100
101
Complete this question by entering your answers in the tabs below.
Multistep
Single Step
Prepare an income statement for the year using the single-step approach. (Enter values in thousands of dollars. Amounts to
be deducted and losses should be indicated with a minus sign.)
GREEN MARKET
Income Statement
For the Year Ended December 31, Year 2
Transcribed Image Text: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 Accounts receivable. Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/Year 2 Sales revenue Salaries expense Rent expense Gain on sale of land $ 606 406 Required Prepare an income statement for the year using the single-step and multistep approach 200 416 206 600 64 390 46 641 1,060 190 100 101 Complete this question by entering your answers in the tabs below. Multistep Single Step Prepare an income statement for the year using the single-step approach. (Enter values in thousands of dollars. Amounts to be deducted and losses should be indicated with a minus sign.) GREEN MARKET Income Statement For the Year Ended December 31, Year 2
Requie
Prepare an income statement for the year using the single-step and multistep approach.
Complete this question by entering your answers in the tabs below.
Single Step
Prepare an income statement for the year using the single-step approach. (Enter values in thousands of dollars. Amounts to
be deducted and losses should be indicated with a minus sign.)
Expenses
Multistep
GREEN MARKET
Income Statement
For the Year Ended December 31, Year 2
Total cost and expenses
Net income (loss)
0
Multistep >
Transcribed Image Text:Requie Prepare an income statement for the year using the single-step and multistep approach. Complete this question by entering your answers in the tabs below. Single Step Prepare an income statement for the year using the single-step approach. (Enter values in thousands of dollars. Amounts to be deducted and losses should be indicated with a minus sign.) Expenses Multistep GREEN MARKET Income Statement For the Year Ended December 31, Year 2 Total cost and expenses Net income (loss) 0 Multistep >
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