The following information was taken from the accounts of Healthy


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The following information was taken from the accounts of Healthy 1 answer below » The following information was taken from the accounts of Healthy Foods Market, a small grocery store at December 31, 2012. The accounts are listed in alphabetical order, and all have normal balances. Accounts payable …………. $ 300 Accounts receivable ………. 1,040 Advertising expense ………. 200 Cash ……………………….. 820 Common stock ……………. 600 Cost of goods sold ………… 900 Interest expense …………… 140 Merchandise inventory ……. 500 Prepaid rent ……………….. 280 Retained earnings ………… 1,050 Sales revenue ……………… 2,400 Salaries expense …………… 260 Supplies expense ………….. 210 Gain on sale of land ……….. 75 Required First, prepare an View complete question » The following information was taken from the accounts of Healthy Foods Market, a small grocery store at December 31, 2012. The accounts are listed in alphabetical order, and all have normal balances. Accounts payable …………. $ 300 Accounts receivable ………. 1,040 Advertising expense ………. 200 Cash ……………………….. 820 Common stock ……………. 600 Cost of goods sold ………… 900 Interest expense …………… 140 Merchandise inventory ……. 500 Prepaid rent ……………….. 280 Retained earnings ………… 1,050 Sales revenue ……………… 2,400 Salaries expense …………… 260 Supplies expense ………….. 210 Gain on sale of land ……….. 75 Required First, prepare an income statement for the year using the single-step approach. Then prepare another income statement using the multistep approach. View less » Oct 11 2013 07:58 AM

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