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Prepare an income statement for the year

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Reference no: EM133132331

Question - 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 $602

Accounts receivable 402

Advertising expense 200

Cash 412

Common stock 202

Cost of goods sold 600

Interest expense 68

Merchandise inventory 430

Prepaid rent 42

Retained earnings, 1/1/Year 2 637

Sales revenue 1,020

Salaries expense 150

Rent expense 100

Gain on sale of land 57

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

Reference no: EM133132331

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