Please help solve and explain. Thank You. The following information was taken fr

Question

Please help solve and explain. Thank You.

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 -285 $ 615 415 200 425 215 700 Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/2018 Sales revenue Salarles expense Rent expense Gain on sale of land 300 650 1,150 280 100 100 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 Single step Multistep Prepare an income statement for the year using the single-step approach. GREEN MARKET Single-Step Income Statement For the Year Ended December 31, 2018 Expenses Total cost and expenses

Explanation / Answer

Single step income statement :

Multiple step income statement :

Revenue Sales revenue 1150 Gain on sale of land 100 Total revenue 1250 Expense Cost of goods sold 700 Advertising expense 200 Salary expense 280 Interest expense 55 Rent expense 100 Total expense 1335 Net income (loss) -85

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