Use the data for Grease Monkey Auto Supply, Inc., from E4-32B.

Refer to Exercise E4-32B,

Requirements
1. Prepare Grease Monkey Auto Supply Inc.'s multi-step income statement.
2. Calculate the gross profit percentage.
3. The gross profit percentage for 2015 was 51.4 percent. Did the gross profit percentage improve or deteriorate during 2016?

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Cost of Goods Sold. Accumulated Depreciation, Equipment. Unearned Revenues $ 4,900 36,500 4,200 Cash. Equipment. Accounts Payable. Common Stock. Long-Term Notes Payable. General Expenses.. Salaries Payable. Supplies. Building. Sales Returns and Allowances. $128,800 7,600 2,500 265,000 5,100 15,000 23,400 21,800 3,100 1,200 Sales Revenue. Accounts Receivable. Accumulated Depreciation, Building.. Mortgage Payable (Long-Term) Dividends. 27,800 155,000 45,000 65,000 1,400 23,400 13,700 2,200 2,900 69,200 Sales Discounts Selling Expenses Inventory. Prepaid Rent. Retained Earnings Interest Expense 900