The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2012:

Requirements
1. Prepare a multi-step income statement.
2. M. Davidson, manager of the company, strives to earn gross profit percentage of at least 50% and net income percentage of 20%. Did Grade A achieve these goals? Show yourcalculations.

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$800 Accounts payable Interest revenue Inventory Note payable, long-term Salary payable Sales discounts Sales returns and allowances Sales revenue Selling expense Supplies Unearned sales revenue 45,100 Accounts receivable 47,000 Accumulated depreciation 2,400 Angus, capital, Jan 31 2,000 Angus, drawing 7,500 Cash 17,000 33,500 37,600 53,300 20,000 7,600 162,100 130,600 16,300 1,200 296,100 Cost of goods sold 38,300 Equipment 5,700 General expenses 13,300 Interest payable