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Business, 16.10.2020 14:01 dondre54

The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 2. The accounts are listed in alphabetical order, and all have normal balances. Accounts payable $800
Accounts receivable 2,250
Advertising expense 600
Cash 1,850
Common stock 2,000
Cost of goods sold 2,950
Interest expense 120
Merchandise inventory 1,250
Prepaid rent 720
Retained earnings, 1/1/Year 2 2,610
Sales revenue 5,600
Salaries expense 960
Rent expense 510
Gain on sale of land 200

Required:
Prepare an income statement for the year using the single-step and multistep approach.

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