Sprint LTE 8:27 AM c * 84% - ezto.mheducation.com E connect 4 2000 points The fo

Question

Sprint LTE 8:27 AM c * 84% - ezto.mheducation.com E connect 4 2000 points The following information was taken from the accounts of Green Market, a delicatessen, at December 31, 2018. The accounts are listed in alphabetical order, and each has a normal balance. 215 Required Prepare an income statement for the year using the single-step and multistep approach Complete this question by entering your answers in the tabs below Prepare an income statement for the year using the single-step approach. References Financial StatementsOfficuity 1Ea

Explanation / Answer

Single Step Income Statement For the Year Ended December 31, 2018 Net sales revenue 1080 Expenses: Cost of goods sold 600 Advertising expense 200 Interest expense 62 Salaries expense 210 Rent expense 100 Total cost and expenses 1172 Gain on sale of land 123 Net income 31 Multi Step Income Statement For the Year Ended December 31, 2018 Net sales revenue 1080 Cost of goods sold 600 Gross margin 480 Operating expenses: Advertising expense 200 Salaries expense 210 Rent expense 100 Total operating expenses 510 Operating loss -30 Non-operating items Interest expense -62 Gain on sale of land 123 Net income 31

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