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.

Label each of the following statements true, false, or uncertain. explain your choice carefully. a. workers benefit equally from the process of creative destruction. b. in the past two decades, the real wages of low-skill u.s. workers have declined relative to the real wages of high-skill workers. c. technological progress leads to a decrease in employment if, and only if, the increase in output is smaller than the increase in productivity. d. the apparent decrease in the natural rate of unemployment in the united states in the second-half of the 1990s can be explained by the fact that productivity growth was unexpectedly high during that period.