I have already done some question number one but i need help on question number 2 i am lost.(need help)

Normal No Spacing Heading 1 Question 1 (30 marks) Nathan New started a business, Nothing New, a proprietorship, in 2016. Nothing New used the periodic inventory system. Nothing News, accounts included the following at July 31, 2018: $ $ 60,000 110,000 Nathan New, Capital Nathan New, Withdrawals Purchases 241,800 50,000 Accounts Payable Accounts Receivable Accumulated Amortization, Furniture Bank Loan, Long Term Cash Furniture General Expenses Interest Expense Interest Payable Interest Revenue Inventory, July 31, 2017 80,000 130,000 20,000 320,000 200,000 8,000 1,000 200 140,000 Salary Payable Sales Discounts Sales Retums & Allowances Sales Revenue Selling Expenses Supplies Unearned Sales Revenue 1,200,000 15,000 30,000 40,000 2,000,000 400,000 20,000 10,000 Required: A. Prepare a single-step income statement for Nothing New at July 31, 2018 year end. Inventory was valued at $ 200,000 at July 31, 2018 based on a physical count. B. Prepare the statement of owner's equity for Nothing New at July 31, 2018 C. Prepare a classified balance sheet for Nothing New at July 31, 2018. ACCT 1211: Accounting Unearned Sales Revenue 10,000 Interest Revenue Inventory, July 31, 2017 200 140,000 Required: A. Prepare a single-step income statement for Nothing New at July 31, 2018 year end. Inventory was valued at $ 200,000 at July 31, 2018 based on a physical count. B. Prepare the statement of owner's equity for Nothing New at July 31, 2018. C. Prepare a classified balance sheet for Nothing New at July 31, 2018. ACCT 1211: Accounting / A5-3 Question 2 (20 marks) Required: A. Use the data from Question 1 to prepare a multi-step income statement for Nothing New at July 31, 2018 year end. B. Owner, Nathan New, tries to achieve a gross margin of at least 40% and a net income of at least 15%. Keeping in mind that net income percentage is equal to net incomeet sales revenue, has Nathan New achieved those results? AaBbCcDdE AaBb CcDdEe AaBbCcDdE, Normal ptable_note No Spacing (30 marks) 2,000,000 (30,000) (40,000 Nothing New Single-step Income Statement For the Year Ended July31, 2018 Revenue Sales Revenue Less Sales Discounts Sales Return and allowances Net sales Revenue Interest Revenue Total Revenue Expenses Inventory, July 31, 2018 Add Purchases Less Inventory, July 31,2018 Cost of Goods Sold(COGS) General Expenses Selling Expenses Interest Expense Total Expenses Net Income 1.930,000 200 1.930,200 140,000 1,2000,000 (200,000) 1.140,000 200.000 400.000 8.000 1,748,000 182.200 Nothing New Statement of Owner's Equipment Nathan New, Beginning Capital Add Net Income 241,800 182.200 424,000, (50.000) 374,000 Less Nathan New, Ending Capital Nothing New Classified Balance Sheet For the Year Ending July 31, 2018 Assets Current Assets Cash 20,000 Accounts Receivable Inventory July 31, 2018 | 200.000 Supplies 20,000 Total current Assets Property m Plant & Equipment Furniture 320.000 Less Accumulated Amortization, Furniture (80.000) Total Assets 350.000 240.000 590,000 Liabilities & Owner's Equity Current Liabilities Accounts Payable Interest payable Salary Payable Unearned Sales revenue Total Current liabilities 60.000 1.000 15.000 10.000 Long Term Liabilities Bank Loan, Long Term Total T.labilities 130.000 216.000 ACCT1211 Aug Owner's Equity Nathan Nax, Capital LENT 374 000 45-4 Assignment 5 Question 2 (20 marks) Nothing New Income Statement For the Year Ended July 31, 2018 Gross Margin Percentage Net Income Percentage