McDonald Marina provides docking and cleaning services for pleasure boats at its marina in southern Florida. The following account balances are available:

Required:
1. Prepare a single-step income statement, a retained earnings statement, and a classified balance sheet for the year ended December 31, 2011.
2. How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina?

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Accounts payable Accounts receivable Accumuloted depreci Accumulated depreciation (equipmen Bonds payable (due 2016] Building Cash Common stock [40,000 shares Depreciation expense (building) Depreciation expense (equipment) Dividends Equipment Income taxes expense 236,000 18,000 875,000 14,600 2,400 128,600 472,300 1,460,000 89,100 9,800 239,400 987,200 21,600 26,400 Interest expense 268,700 Interest payable iation (building) 4,500 Land 950,400 2,000,000 Rent payable Rent expense 197,300 Relained earnings, 12/31/2010 22,300 Service revenue (cleaningl 600,000 Service revenue (docking) 21,500 Supplies expense 246,300 Supplies 25,300 Utilities expense 2,490,000 Wages expense 21,700 Wages payable