The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2015:

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

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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 17,000 33,500 37,600 50,000 3,300 20,000 7,600 162,100 130,600 1,200 9,780 10,890 3,630 800 Accounts Payable 45,100 Accounts Receivable 47,000 Accumulated Depreciation Equipment 2,400 Common Stock 2,000 Retained Earnings 7,500 Dividends 296,100 Cash 21,780 Cos of Goods Sold 5,700 Equipment 13,300 Interest Payable Depreciation Expense Equipment (Administrative) Utilities Expense (Administrative) 2,000 1,630 4,890 Rent Expense (Administrative) Utilities Expense (Selling) Delivery Expense (Selling)