The following information was taken from the accounts of Green Market, a small grocery store at December 31, 2016. The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands.
Accounts payable .......... $ 800
Accounts receivable .......... 2,250
Advertising expense .......... 600
Cash ................ 1,850
Common stock ............ 2,000
Cost of goods sold .......... 2,950
Interest expense ........... 120
Merchandise inventory ......... 1,250
Prepaid rent ............ 720
Retained earnings, 1/1/2016 ...... 2,610
Sales revenue ............ 5,600
Salaries expense ........... 960
Rent expense ........... 510
Gain on sale of land ......... 200
Required
First, prepare an income statement for the year using the single-step approach. Then prepare another income statement using the multistep approach.