Question

The following information was taken from the accounts of Super Foods Market, a small grocery store at December 31, 2013. The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands.
Accounts payable ............. $ 600
Accounts receivable ............. 2,080
Advertising expense ............. 400
Cash ................. 1,640
Common stock ............. 1,200
Cost of goods sold ............. 1,800
Interest expense .............. 280
Merchandise inventory .......... 1,000
Prepaid rent ............... 560
Retained earnings, 1/1/2013 ........ 1,950
Sales revenue ............... 4,800
Salaries expense .............. 520
Rent expense .............. 420
Gain on sale of land ............ 150

Required
First, prepare an income statement for the year using the single-step approach. Then prepare another income statement using the multistep approach.



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  • CreatedOctober 26, 2013
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