Please help solve and explain. Thank You. The following information was taken fr
ID: 2336139 • Letter: P
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 expensesExplanation / Answer
GREEN MARKET
Single-step Income Statement
For the year ended December 31,2018
Particulars
Amount($)
Income
Sales
1,150
Gain on sale of land
100
TOTAL INCOME(a)
1,250
Expenses
Cost of Goods Sold
700
Advertising expenses
200
Salaries expenses
280
Rent expenses
100
Interest Expenses
55
TOTAL COST AND EXPENSES(b)
1,335
NET LOSS(a-b )
(85)
Accounts receivables
$ 415
Cash
$ 425
Merchandise inventory
$ 300
Prepaid rent
$ 55
Total assets
$ 1,195
GREEN MARKET
Single-step Income Statement
For the year ended December 31,2018
Particulars
Amount($)
Income
Sales
1,150
Gain on sale of land
100
TOTAL INCOME(a)
1,250
Expenses
Cost of Goods Sold
700
Advertising expenses
200
Salaries expenses
280
Rent expenses
100
Interest Expenses
55
TOTAL COST AND EXPENSES(b)
1,335
NET LOSS(a-b )
(85)
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