Prepare Presley Video Sales' single-step income statement for 2014, using the data from Exercise 5-17. Compute the gross margin percentage, and compare it with last year's value of 49 percent for Presley Video. Does this two-year trend suggest better or worse profitability during the current year?
In Problem 5-17
Selected amounts from the accounting records of Presley Video Sales for the year ended December 31, 2014, follow:

Journal Entries Sales Revenue Dec. 31 281,400 Interest Revenue 1,800 Income Summary Income Summary 283,200 31 254,400 Cost of Goods Sold 161,200 Sales Discounts 12,600 Sales Returns and Allowances 6,900 Selling Expenses General Expenses Income Summary B. Presley, Capital B. Presley, Capital B. Presley, Withdrawals 57,800 15,900 31 28,800 28,800 31 28,000 28,000