The records of Snappy Beverages list the following selected accounts for the quarter ended April 30, 2025. All accounts have normal balances. 

Requirements 

1. Prepare a single-step income statement. 

2. Prepare a multi-step income statement. 

3. The manager of the company strives to earn a gross profit percentage of at least 50%. 

Did Snappy Beverages achieve this goal? Show your calculations.

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Interest Revenue Merchandise Inventory Notes Payable, long-term Sales Discounts Sales Returns and Allowances Sales Revenue Rent Expense (Selling) Supplies Unearned Revenue Interest Expense Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) 500 Accounts Payable 45,300 Accounts Receivable 52,000 Accumulated Depreciation-Equipment 5,500 Common Stock 8,500 Retained Earnings 306,000 Dividends 21,400 Cash 6,300 Cost of Goods Sold 13,200 Equipment 1,700 Interest Payable 1,300 Rent Expense (Administrative) 4,300 Utilities Expense (Selling) Delivery Expense (Selling) $ $ 19,300 38,000 36,800 32,000 10,200 17,000 7,400 160,600 130,000 1,000 9,600 10,600 3,500