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  3. the following information was taken from the accou

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

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Accounting

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The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 1. The accounts are listed in alphabetical order, and all have normal balances. 200 Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merehandise inventory Prepaid rent Retained earnings, 1/1/Year 1 Sales revenue Salarios expense Rent expense Gain on sale of land 423 213 700 57 320 53 648 1.130 260 100 Required Prepare an income statement for the year using the single-step and multistep approach. (Amounts to be deducted and losses should be indicated with a minus sign.) Single-step GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Expenses Total cost and expenses Net income (loss) Multistep GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Operating income (loss) Non-operating items Net income (loss)

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