Prepare an income statement for the year

Assignment Help Accounting Basics
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

Questions Cloud

Paper on managing talent during pandemic : Write a paper on the topic "Managing Talent during Pandemic" - evaluated based on comprehension, practical implication, and novelty and proper references
Prepare entries in journal form to record the purchase : The mortgage carries an interest rate of 9 percent. Prepare entries in journal form with explanations to record the purchase
Differentiation affects the demand for the product : Discuss the two ways that product differentiation affects the demand for the product. Give an original example of product differentiation.
Ongoing operations as well as projects : Resources are assigned in every place of work for both ongoing operations as well as projects.
Prepare an income statement for the year : The accounts are listed in alphabetical order, and all have normal balances. Prepare an income statement for the year using single-step and multistep approach
Calculate the change in income necessary to leave : Calculate the change in income necessary to leave each type of consumer at the level of utility in autarky. Is there a situtation in which consumers can be made
External environment impact magnolia brands ability : How will the components of the external environment impact Magnolia Brands' ability to realize their vision? Who are Magnolia Brands' major competitors?
What the contribution margin earned by Richardson : The company produced 2,450 units and sold 2,475 units, both as budgeted. What the contribution margin earned by Richardson for the prior year
How to manage talent during change : How to manage Talent during change. We are expected to cite the current pandemic situation in this context and talent mgmt during Covid

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd