The records of Hill Tower Steak Company list the following selected accounts for the quarter ended September 30, 2015:

Requirements
1. Prepare a single-step income statement.
2. Prepare a multi-step income statement.
3. A. Williams, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Hill Tower achieve this goal? Show yourcalculations.

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400 Accounts Payable 45,700 Accounts Receivable 42,000 Accumulated Depreciation-Equipment Interest Revenue Merchandise Inventory Notes Payable, long-term Salaries Payable Sales Discounts Sales Returns and Allowances Sales Revenue Rent Expense (Selling) Office Supplies Unearned Revenue Interest Expense Depreciation Expense Equipment (Administrative) Utilities Expense Administrative) 16,500 33,900 37,500 50,000 4,900 18,500 8,100 162,400 125,000 1,200 9,660 11,250 3,750 3.400 Common Stock 2,200 Retained Earnings 8,400 Dividends 296,700 Cash 22,500 Cost of Goods Sold 6,000 Equipment 13,200 Interest Payable 2,000 Rent Expense (Administrative) 1610 Utilities Expense (Selling) Delivery Expense (Selling) 4,830