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?

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