en mer The account balances and single-step income statement for Atlantis Aquatics, Inc., for the year ended August 31, 2018, are presented below: (Click the icon to view the single-step income statement.) (Click the icon to view the account balances listing.) Read the requirements e Requirement 1. Prepare Atlantis Aquatics, Inc.'s multistup income statement Qui Atlantis Aquatics, Inc. Income Statement For the Year Ended August 31, 2018 Net Income (loss) Choco i Reference Atlantis Aquatics, Inc. Income Statement For the Year Ended August 31, 2018 Revenues: Sales revenue $ 275,000 Expenses: $ 128,700 Cost of goods sold Selling expenses 27,800 General expenses 22,600 850 Interest expense Total expenses 179,950 Net income (loss) $ 95,050 Print Done ad Auct 24 2018 Are Dosented below: * Data Table $ 128,700 9,600 1,100 275,000 5,500 Cash $ Equipment Accounts payable.. Common stock. Long-term notes payable ...... General expenses Salaries payable. Supplies Building Estimated refund liability Prepaid rent Interest expense. Retained earnings 25,900 Cost of goods sold .... 11,200 Accumulated depreciation, 7,900 equipment 30,000 Unearned revenues 45,000 Sales revenue... 22,600 Accounts receivable 1,300 Accumulated depreciation, 1,400 building 145,000 Mortgage payable (long-term) ... 4,100 Dividends. 1,900 Estimated inventory returns 850 Selling expenses 11,550 Inventory 35,600 --- 18,500 64,000 3,100 27,800 1,700 Print Done i Requirements 1. Prepare Atlantis Aquatics, Inc.'s multistep income statement. 2. Calculate the gross profit percentage. 3. The gross profit percentage for 2017 was 48.7 percent. Did the gross profit percentage improve or deteriorate during 2018? Print Done