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.
Accounts payable $605
Accounts receivable 405
Advertising expense 200
Cash 415
Common stock 205
Cost of goods sold 600
Interest expense 65 Merchandise inventory 400
Prepaid rent 45 Retained earnings, 1/1/Year 2 640
Sales revenue 1,050
Salaries expense 180
Rent expense 100
Gain on sale of land 90
Required:
Prepare an income statement for the year using the single-step and multistep approach.
Answers: 1
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The following information was taken from the accounts of Green Market, a small grocery store, at Dec...
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