Single-step and multistep income statements
The following information was taken from the accounts of Healthy Foods Market, a small grocery store at December 31, 2012. The accounts are listed in alphabetical order, and all have normal balances.
Accounts payable | $ 300 |
Accounts receivable | 1,040 |
Advertising expense | 200 |
Cash | 820 |
Common stock | 600 |
Cost of goods sold | 900 |
Interest expense | 140 |
Merchandise inventory | 500 |
Prepaid rent | 280 |
Retained earnings | 1,050 |
Sales revenue | 2,400 |
Salaries expense | 260 |
Supplies expense | 210 |
Gain on sale of land | 75 |
Required
First, prepare an income statement for the year using the single-step approach. Then prepare another income statement using the multistep approach.
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