The following information was taken from the accounts of Helen’s Groceries, a delicatessen. The accounts are listed in alphabetical order, and each has a normal balance.

Accounts payable$600

Accounts receivable 400

Advertising expense 200

Cash 410

Common stock 200

Cost of goods sold 600

Interest expense 70

Merchandise inventory 450

Prepaid rent 40

Retained earnings

(Beginning balance) 635

Sales revenue 1,000

Salaries expense 130

Supplies expense 110

Loss on sale of land 25

Required

First, prepare an income statement using the single-step approach. Then prepare another income statement using the multi-step approach.