Grade A beef company uses a perpetual inventory system, the records of great a beef company list the following selected accounts for the quarter ended April 30, 2018.

5 of 5 (4 complete) ystem. The to Lado A Boat Commanw.let the followincolnted. Data Table - X Compar ement ril 30, Interest Revenue Merchandise Inventory 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) 500 Accounts Payable 45,100 Accounts Receivable *53,000 Accumulated Depreciation--Equipment 2,700 Common Stock 292,000 Retained Earnings 21,000 Dividends 2,200 Cash 6,200 Cost of Goods Sold 13,900 Equipment 1,800 Interest Payable 1,350 Rent Expense (Administrative) 4,200 Salaries Expense (Selling) 3,100 Utilities Expense (Selling) 17,400 38,800 37,500 52,000 6,230 23,000 7,200 157,680 135,000 1,600 8,900 6,200 10,800 Print Done Clear All UN i Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement. 3. J. Davidson, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A achieve this goal? Show your calculations. Print Done