5 (7) a

$ 2,800 $ 51,000 Interest Payable 600 Accumulated Amortization_ 147,100 Inventory, May 31, 2017... 96,900 Notes Payable, Long-Term 114,800 C. Marchand, Capita.. 167,800 Salaries Payable.. 7,200 C. Marchand, Withdrawals.. 66,900 Sales Discounts.... 26,500 Sales Returns and 19,900 Cost of Goods Sold 1,086,900 45,900 340,800 Sales Revenue 1,991,500 quipment 206,800 Selling Expenses 9,200 Supplies General Expenses 357,200 33,100 Interest Expense Unearned Sales Revenue... 15,200 Required 1. Prepare the business's single-step income statement for the year ended May 31, 2017. 2. Prepare the statement of owner's equity for the year ended May 31, 2017 3. Prepare Marchand Distributors' classified balance sheet in report format at May 31, 2017. Problem 5-7A 1. Use the data in Problem 5-6A to prepare Marchand Distributors' multi-step income statement for the year ended May 31, 2017. 2. Corry Marchand, owner of the company, strives to earn a gross margin of at least 50 percent and a net income of 20 percent (Net income percentage- Net income Net sales revenue). Did Marchand Distributors achieve these goals? Show your calculations