Heavenly Beverages uses a perpetual inventory system. The records of Heavenly Beverages list the following selected accounts for the quarter endedApril 30, 2025. All accounts have normal balances. View the accounts.Read the requirements. Requirement 1. Prepare a single-step income statement. Heavenly BeveragesIncome StatementQuarter Ended April 30, 2025 Heavenly Beverages uses a perpetual inventory system. The records of Heavenly Beverages list the following selected accounts for the quarter endedApril 30, 2025. All accounts have normal balances. View the accounts.Read the requirements. Net Income (Loss) —_— Requirements Interest RevenueMerchandise Inventory Notes Payable, long-termSales Discounts Sales Returns and AllowancesSales Revenue Rent Expense (Selling)Supplies Unearned Revenue Interest Expense Depreciation Expense—Equipment (Administrative) Utilities Expense (Administrative) $ 1,10045,50048,000 2,5008,300305,80022,0005,70013,4002,3001,2503,800 Accounts Payable 3Accounts Receivable Accumulated Depreciation—EquipmentWatley, Capital Watley, Withdrawals Cash Cost of Goods Sold Equipment Interest Payable Rent Expense (Administrative) Utilities Expense (Selling) Delivery Expense (Selling) 12,00038,40033,00064,20022,00016,000162,250125,0001,1009,30010,2004,000 Prepare a single-step income statement.Prepare a multi-step income statement. The manager of the company strives to earn a gross profit percentage of atleast 50%. Did Heavenly Beverages achieve this goal? Show your calculations