The following information relates to Ashton Appliances for 2009.

Accounts payable ................$ 18,000

Accounts receivable ............... 70,000

Accumulated depreciation, building ........ 100,000

Accumulated depreciation, fixtures ......... 30,000

Bonds payable (due in 7 years) .......... 192,000

Building ................... 300,000

Cash .................... 41,000

Common stock ................ 245,000

Cost of goods sold ............... 510,000

Depreciation expense, building ........... 10,000

Depreciation expense, fixtures .......... 12,000

Furniture and fixtures .............. 130,000

Income tax expense ............... 14,000

Income tax payable ............... 12,000

Insurance expense ............... 36,000

Interest expense ................. 21,000

Inventory ...................$ 60,000

Other assets .................. 93,000

Rent expense, store equipment .......... 79,000

Retained earnings, 12/31/2008 .......... 54,000

Salaries expense, administrative .......... 101,000

Salaries payable ................. 7,000

Sales revenue .................. 946,000

Wages expense, store ............... 127,000

Required:

1. Prepare a single-step income statement for 2009, a statement of retained earnings for 2009, and a properly classified balance sheet as of December 31, 2009.

2. How would a multiple-step income statement be different from the single-step income statement you prepared for Ashton Appliances?