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McDonald Marina provides docking and cleaning services for pleasure boats at its marina in southern Florida. The following account balances are available:

Accounts payable	$ 26,400	Interest expense	$ 236,000
Accounts receivable	268,700	Interest payable	18,000
Accumulated depreciation (building)	64,500	Land	875,000
Accumulated depreciation (equipment)	950,400	Rent expense	14,600
Bonds payable (due 2024)	2,000,000	Rent payable	2,400
Building	197,300	Retained earnings, 12/31/2018	128,600
Cash	22,300	Service revenue (cleaning)	472,300
Common stock (40,000 shares)	600,000	Service revenue (docking)	1,460,000
Depreciation expense (building)	21,500	Supplies	9,800
Depreciation expense (equipment)	246,300	Supplies expense	89,100
Dividends	25,300	Utilities expense	239,400
Equipment	2,490,000	Wages expense	987,200
Income taxes expense	21,700	Wages payable	21,600

Required:

1.	Prepare a single-step income statement, a retained earnings statement, and a classified balance sheet for the year ended December 31, 2019.
2.	Conceptual Connection: How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina?

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Labels and Amount Descriptions

Labels
Current assets
Current liabilities
December 31, 2019
Expenses
For the year ended December 31, 2019
Long-term liabilities
Property, plant, and equipment
Revenues
Stockholders equity
Amount Descriptions
Dividends
Net income
Net loss
Retained earnings, December 31, 2019
Retained earnings, January 1, 2019
Total assets
Total current assets
Total current liabilities
Total expenses
Total liabilities
Total liabilities and stockholders equity
Total property, plant, and equipment
Total service revenues
Total stockholders equity

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