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The following information was taken from the accounts of Green Market, a small grocery store,...

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Accounting

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. Dollar amounts are given in thousands.

Accounts payable $ 609
Accounts receivable 409
Advertising expense 200
Cash 419
Common stock 209
Cost of goods sold 700
Interest expense 61
Merchandise inventory 360
Prepaid rent 49
Retained earnings, 1/1/Year 2 644
Sales revenue 1,090
Salaries expense 220
Rent expense 100
Gain on sale of land 34

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

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