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0 Requirements X 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement 3. M. Daniels, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A achieve this goal? Show your calculations. Print Done Interest Revenue $ $ 16,700 35,400 36,600 35,000 21,115 17,500 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) 800 Accounts Payable 45,600 Accounts Receivable 43,000 Accumulated Depreciation-Equipment 3,000 Common Stock 312,000 Retained Earnings 21,600 Dividends 2,100 Cash 5,800 Cost of Goods Sold 13,400 Equipment 2,300 Interest Payable 1,335 Rent Expense (Administrative) 4,800 Salaries Expense (Selling) 3,600 Utilities Expense (Selling) 7,800 168,480 133,500 900 9,600 5,500 10,900 Grade A Steak Company uses a perpetual inventory system. The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2018 (Click the icon to view the accounts.) Read the requirements. Requirement 1. Prepare a single-step income statement. (Abbreviation used: Eq. = Equipment.) Grade A Steak Company Income Statement Quarter Ended April 30, 2018 Revenues: Salaries Expense--Selling Salaries Expense-Administrative Depreciation Expense Eq.-Administrative Delivery Expense-Selling Interest Expense Choose from any list or enter any number in the input fields and then click Check