The records of Grade A Beef Company list the following selected accounts for the quarter ended September 30, 2024:

Requirements
1. Prepare a single-step income statement.
2. Prepare a multi-step income statement.
3. J. Douglas, owner of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A Beef achieve this goal? Show your calculations.

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Interest Revenue Merchandise Inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies Unearned Revenue Interest Expense Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) Delivery Expense (Selling) $ 900 Accounts Payable 46,300 Accounts Receivable 47,000 Accumulated Depreciation Equipment 2,600 Douglas, Capital 294,000 Douglas, Withdrawals 16,700 Cash 2,500 Cost of Goods Sold 5,800 Equipment 13,800 Interest Payable 2,300 Rent Expense (Administrative) 1,310 Salaries Expense (Selling) 4,500 Utilities Expense (Selling) 3,100 $ 17,000 33,500 36,500 41,610 15,000 7,300 161,700 131,000 900 7,400 5,000 10,900