Exercise 4-14A (Algo) Single-step and multistep income statements LO 4-6 The following information was taken...
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Exercise 4-14A (Algo) Single-step and multistep income statements LO 4-6
The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 1. The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands.
Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/Year 1 Sales revenue Salaries expense Rent expense Gain on sale of land $ 610 410 200 420 210 700 60 350 50 645 1,100 230 100 45 Required Prepare an income statement for the year using the single-step and multistep approach. (Enter values in thousands of dollars. Amounts to be deducted and losses should be indicated with a minus sign.) Single-step GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Expenses Total cost and expenses 0 Net income (loss) Multistep GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Operating expenses 0 Total operating expenses Operating income (loss) Non-operating items Net income (loss)
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