Farm Fresh BeefFarm Fresh Beef Company uses a perpetual inventory system. The records of Farm Fresh BeefFarm Fresh Beef Company list the following selected accounts for the quarter ended April 30 comma 2018April 30, 2018:

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Requirement 1. Prepare a single-step income statement. (Abbreviation used: Eq. = Equipment.)

Accounts Payable 17,800 Interest Revenue 550 Merchandise Inventory 45,500 Accounts Receivable 35,200 Accumulated Depreciation-Equipment Notes Payable, long-term 44,000 36,700 Salaries Payable 3,000 Common Stock 34,000 290,000 Retained Earnings Net Sales Revenue 11,665 Rent Expense (Selling) 21,600 Dividends 22,000 Salaries Expense (Administrative) 1,700 Cash 7,700 Office Supplies 5,500 Cost of Goods Sold 139,200 13,200 Equipment Unearned Revenue 131,500 1,000 Interest Expense 2,000 nterest Payable Rent Expense (Administrative) 9,400 Depreciation Expense-Equipment (Administrative) 1,315 Utilities Expense (Administrative) Salaries Expense (Selling) 4,700 5,800 Utilities Expense (Selling) Delivery Expense (Selling) 3,300 11,500 Print Done X i Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement. 3. J. Dillion, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Farm Fresh achieve this goal? Show your calculations. Print Done Farm Fresh Beef Company uses a perpetual inventory system. The records of Farm Fresh Beef 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 ) Fam Fresh Beef Company Income Statement Quarter Ended April 30, 2018 Revenues Net Sales Revenue 290000 50 Interest Revenue 290550 Total Revenues Expenses Cost of Goods Sold 139200 21600 Rent Expense-Selling Interest Expense 2000 Depreciation Expense Eq-Administrative 1315 Utilities Expense-Administrative 4700 Rent Expense-Administrative 9400 11500 Utilities Expense-Selling Delivery Expense-Selling 3300 Total Expenses 193015 97535 Net Income (Loss)