The following information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed in alphabetical order, and each has a normal balance.

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 1/1/2018......................................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.