The following information was taken from the accounts of Green Market, a small grocery store, at...
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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. 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 $ 602 402 200 412 202 600 68 430 42 637 1,020 150 100 57 Required Prepare an income statement for the year using the single-step and multistep approach. (Amounts to be deducted and losses should be indicated with a minus sign.) Single-step Cash Expenses GREEN MARKET Income Statement For the Year Ended December 31, Year 1 $ Advertising expense Interest expense Miscellaneous expense Rent expense Utilities expense Total cost and expenses Net income (loss) 602 0 Multistep GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Operating income (loss) Non-operating items Net income (loss) 0 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 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 $ 602 402 200 412 202 600 68 430 42 637 1,020 150 100 57 Required Prepare an income statement for the year using the single-step and multistep approach. (Amounts to be deducted and losses should be indicated with a minus sign.) Single-step Cash Expenses GREEN MARKET Income Statement For the Year Ended December 31, Year 1 $ Advertising expense Interest expense Miscellaneous expense Rent expense Utilities expense Total cost and expenses Net income (loss) 602 0 Multistep GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Operating income (loss) Non-operating items Net income (loss) 0
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1 Single step GREEN FOODS MARKET Income Statement For the Year Ended ... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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