The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 2. The accounts are listed in alphabetical order, and all have normal balances. 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/Year 2 2,610
Sales revenue 5,600
Salaries expense 960
Rent expense 510
Gain on sale of land 200

Required:
Prepare an income statement for the year using the single-step and multistep approach.

i. Single-Step Income Statement

                       GREEN MARKET

                       Income Statement

             For the Year Ended December 31

Revenues & Gains                           Amounts$

Sales revenue                                   5,600

Gain on sale of land                          200

Total revenue & gains                       5,800

Expenses

Cost of goods sold           (2,950)    

Advertising expense         (600)    

Interest expense                (120)    

Salaries expense                (960)    

Rent expense                      (510)

Total cost and expenses                  (5,140)

Net Income                                        $660

ii. Multistep Income Statement

                    GREEN MARKET  

                   Income Statement

        For the Year Ended December 31

Particulars                                   Amount$

Sales revenue                              5,600  

Cost of goods sold                      (2,950)

Gross margin                               2,650  

Operating expenses

Salaries expense        (960)  

Advertising expense     (600)

Rent expense                 (510)

Total operating expenses           (2,070)

Operating income                         580

Non-operating items

Gain on sale of land       200

Interest Expense            (120)       80

Net Income                                   $660

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