The records of Grade A Beef Company list the following selected accounts for the quarter ended September 30, 2018:

Requirements
1. Prepare a single-step income statement.
2. Prepare a multi-step income statement.
3. J. Douglas, manager 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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$ 17,000 Accounts Payable Interest Revenue 900 Merchandise Inventory Accounts Receivable 46,300 33,500 Accumulated Depreciation-Equipment Notes Payable, long-term 36,500 47,000 Salaries Payable 2,600 Common Stock 38,000 Net Sales Revenue 294,000 Retained Earnings 3,610 Rent Expense (Selling) Dividends 15,000 16,700 Salaries Expense (Administrative) 2,500 Cash 7,300 Office Supplies Cost of Goods Sold 5,800 161,700 Unearned Revenue 13,800 131,000 Equipment Interest Payable Interest Expense 900 2,300 Depreciat Utilities Expense (Administrative) Expense-Equipment (Administrative) Rent Expense (Administrative) 1,310 7,400 Salaries Expense (Selling) 4,500 5,000 Utilities Expense (Selling) Delivery Expense (Selling) 10,900 3,100