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 $605
Accounts receivable 405
Advertising expense 200
Cash 415
Common stock 205
Cost of goods sold 600
Interest expense 65 Merchandise inventory 400
Prepaid rent 45 Retained earnings, 1/1/Year 2 640
Sales revenue 1,050
Salaries expense 180
Rent expense 100
Gain on sale of land 90

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

Exercise 7-7 martinez company reports the following financial information before adjustments. dr. cr. accounts receivable $168,900 allowance for doubtful accounts $3,200 sales revenue (all on credit) 849,300 sales returns and allowances 50,440 prepare the journal entry to record bad debt expense assuming martinez company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but allowance for doubtful accounts had a $1,550 debit balance. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)