An alphabetical list of Sheridans Company adjusted accounts at its fiscal year end, August 31, 2021. follows. All accounts have normal balances. Accounts payable $15,590 Notes payable $42,000 Accumulated depreciation-equipment 14,000 Prepaid insurance 575 Accumulated depreciation-furniture 17,500 R. Smistad, capital Cash 25,480 R. Smistad, drawings Cost of goods sold 65,750 70,000 24,300 50,700 272,000 Rent expense Depreciation expense 7,030 Salaries expense Equipment 35,000 Salaries payable 2.250 Furniture 42,000 Sales 467.000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2.130 Supplies 950 Interest payable 525 Supplies expense 6,325 Accounts payable Notes payable $15,590 14,000 $42,000 Accumulated depreciation-equipment Prepaid insurance 575 Accumulated depreciation-furniture 17.500 R. Smistad, capital 65.750 Cash 25,480 R. Smistad, drawings 70,000 Cost of goods sold 272,000 Rent expense 24,300 Depreciation expense 7,030 Salaries expense 50.700 Equipment 35,000 Salaries payable 2.250 Furniture 42,000 Sales 467.000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2.130 Supplies 950 Interest payable 525 Supplies expense 6.325 Merchandise inventory 70,850 Unearned revenue 2,600 Additional information: 1. Of the notes payable, $6,300 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021. R. Smistad invested $4,200 cash in the business. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg.(45).) SHERIDAN COMPANY Income Statement Prepare a classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Equipment and Furniture.) SHERIDAN COMPANY Balance Sheet Assets Liabilities and Owner's Equity Calculate the gross profit margin and profit margin. (Round answers to 1 decimal place, e.g. 52.7%.) Gross profit margin Profit margin