Single-step and multistep income statements
The following information was taken from the accounts of Good Foods Store, a delicatessen at December 31, 2011. 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 | 450 |
Sales revenue | 1,000 |
Salaries expense | 130 |
Supplies expense | 110 |
Loss on sale of land | 25 |
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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