Nathan New started a business, Nothing New, a proprietorship, in 2016. Nothing New used the periodic inventory system. Nothing New's accounts included the following at July 31, 2018: Accounts Payable $ 60,000 Nathan New, Capital $ 241,800 Accounts Receivable 110,000 Nathan New, Withdrawals 50,000 Accumulated Amortization, Purchases Furniture 80,000 1,200,000 Bank Loan, Long Term 130,000 Salary Payable 15,000 Cash 20,000 Sales Discounts 30,000 Furniture 320,000 Sales Returns & Allowances 40,000 General Expenses 200,000 Sales Revenue 2,000,000 Interest Expense 8,000 Selling Expenses 400,000 Interest Payable 1,000 Supplies 20,000 Interest Revenue 200 Unearned Sales Revenue 10,000 Inventory, July 31, 2017 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.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? Toy Store and Toy Warehouse incurred the following transactions in November 2018: 0 November 05: Toy Warehouse sold $ 75,000 toys to Toy Store. The sale had credit terms 2/10, n/30, FOB shipping. I November 09: Toy Store returned 3 10,000 toys that it purchased on November 05. Toy Store received a credit memo for this. a November 13: Toy Store paid $ 50,000 of the November 05 invoice amount that it owed to Toy Warehouse. I November 19: Toy Store paid the remaining balance that it owed to Toy Warehouse. Required: A. Record these transactions on the accounting records of Toy Store. Explanations are not B. required when recording the journal entries. Then, record these transactions on the accounting records of Toy Warehouse. Explanations are not required when recording the journal entries. Both businesses used the periodic inventory system. Discounts were permitted on particular payments. Sammy's Sportswear sells sport jerseys. It has a May 31, 2018 year end. On February 28, 2018, Sammy's Sportswear had in inventory of 40 jerseys that each cost $ 20. During the next 3 months, Sammy's Sportswear purchased the following merchandise: Units Unit Cost Total March 50 $ 30 $ 1,500 April 100 $ 40 $ 4,000 May 150 $ 50 $ 7,500 During March, April, and May, Sammy's Sportswear sold the following merchandise: Units Unit Selling Price Total March 60 $ 60 $ 3,600 April 40 $ 70 $ 2,800 May 90 $ 90 $ 8,100 Operating expenses for March, April, and May totalled $ 3,500. Sammy's Sportswear used a perpetual inventory system. Assume that monthly purchases occurred on the first day of each month. Required: A. Calculate Sammy's Sportswear's ending inventory at May 31, 2018 using the moving- weighted-average costing method and the FIFO costing method. B. Prepare Sammy's Sportswear's May 31, 2018 income statement for both the moving- weighted-average costing method and the FIFO costing method. Record the gross margin and operating income