D omy LAPOHJUS Grade A Steak Company uses a perpetual inventory system. The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2018: (Click the icon to view the accounts.) Read the requirements Requirement 1. Prepare a single-step income statement. (Abbreviation used: Eq. - Equipment.) Grade A Steak Company Income Statement Quarter Ended April 30, 2018 |(13) (14) (15) (16) Net Income (Loss) Requirement 2. Prepare a multi-step income statement. Begin by completing the statement through the gross profit, then calculate operating income in the second step and net income in the final step. (Enter Selling Expenses before Administrative Expenses Use a minus signo parentheses to show other expenses. Abbreviation used: Eq. = Equipment.) Grade A Steak Company Income Statement Quarter Ended April 30, 2018 (17) (18) Gross Profit (19) (20) (30) (32) (33) (35) (36) (37) Net Income (Loss) Requirement 3. N. Douglas, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A achieve this goal? Show your calculations. Compute the gross profit percentage of Grade A. (Round the gross profit percentage to the nearest tenth of a percent, X.X%.) (38) (39) - Gross profit % Did Grade A achieve this goal? (40) Grade A (41) - achieve this goal 6: Data Table $ Interest Revenue Merchandise Inventory 900 45,600 $ 17.400 33.400 Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies Unearned Revenue Interest Expense Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) Delivery Expense (Selling) 46,000 3,100 305,000 21,900 1.700 6,200 13,400 2,000 Accounts Payable Accounts Receivable Accumulated Depreciation- Equipment Common Stock Retained Earnings Dividends Cash Cost of Goods Sold Equipment Interest Payable 36,600 34,000 18,370 26,000 7,300 161,650 132,000 900 1,320 Rent Expense (Administrative) 4,100 Salaries Expense (Selling) 3,000 Utilities Expense (Selling) 9,500 5,700 10,400 7: Requirements 1. Prepare a single-step income statement 2. Prepare a multi-step income statement. 3. N. Douglas, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A achieve this goal? Show your calculations. (1) O Expenses: Gross Profit Operating Expenses: O Revenues: Total Expenses Total Operating Expenses Total Revenues