The following information relates to Ashton Appliances for 2019.

Required:
1. Prepare a single-step income statement for 2019, a retained earnings statement for 2019, and a properly classified balance sheet as of December 31, 2019.
2. How would a multiple-step income statement be different from the single-step income statement you prepared for Ashton?

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Accounts payable Accounts receivable Accumulated depreciation (building) Accumulated depreciation (fumiture) Bonds payable (due in 7 years) Building S 16,650 12,000 36,610 15,500 59,850 92,800 80,800 54,000 228,710 7,190 948,670 Income taxes expense Income taxes payable Insurance expense Interest ex pense $ 16,800 69,900 104,800 27,600 Inventory 192,000 300,000 41,450 243,610 Other assets Rent expense (store equipment) Retained eamings, 12/31/2018 Cash Common stock Cost of goods sold Depreciation expense (building) Depreciation expense (furniture) Salaries ex pense Salaries payable Sales revenue 511,350 12,000 130,000 Furniture