er s1, 2017, Capital balance for Marvin's Fine Gems Problem 5-6A Items from the accounts of Marchand Distributors at May 31, 2017, follow, listed in alphabeti- Excel Spreadsheet cal order. Marchand Distributors uses the perpetual inventory system. For simplicity, the pstatement and a dassified bal- ating expenses are summarized in the General Expenses and the Selling Expenses accounts. ance sheet under the perpetual Accounts Payable51,000 Interest Payable$ Accounts Receivable.... 107,500 Interest Revenue Accumulated Amortization-- Preparing a single-step Income 2,800 inventory system 600 Equipment... C. Marchand, Capital.167,800 Salaries Payable. 96,900 Notes Payable, Long-Term.. 114,800 7,200 66,900 Sales Discoun 19,900 Sales Returns and Cost of Goods Sold....1 5,900 quipment..3,800 Sales Revenu991,500 General Expenses206,800 Selling Expenses357,200 1,086,900 Allowances. 33,100 Unearned Sales Revenue.... 15,200 Interest Expense. Required 2. Prepare the statement of owner's equity for the year ended May 31, 2017 9,200 Supplies. 1. Prepare the business's single-step income statement 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 Preparing a statement and calculating gross multi-step income statement for the year ended May 31, 2017. 50 percent and a net income of 20 percent (Net income percentage Net income+ Net perpetual inventory system 1. Net income, $259,600 orry Marchand, owner of the company, strives to earn a gross margin of at least margin percentage under the sales revenue). Did Marchand Distributors achieve these goals? Show your calculations. e