*P514B Selected accounts of Olsevik Janitorial Supplies, at July 31, 2020, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Olsevik Janitorial Supplies uses the periodic inventory system. Accounts Payable ................ $102,000 Inventory: July 31, 2019. .. $ 730,000 Accounts Receivable ............. 117,000 Inventory: July 31, 2020 ........ 525,000 Accumulated Amortization- Notes Payable, Long Term .... 500,000 Equipment.......................... 61,500 Purchases ....... 1,361,000 B. Olsevik, Capital............... 863,400 Salaries Payable... .............. 23,000 B. Olsevik, Withdrawals....... 42,300 Sales Discounts. ................. 25,000 Cash.. 46,200 Sales Returns and Equipment.... 484,000 Allowances........... 52,800 General Expenses .................. 284,250 Sales Revenue ...................... 1,891,200 Interest Expense. 10,200 Selling Expenses .................. 317,250 Interest Payable.. 8,800 Supplies 16,200 Interest Revenue.................... 1,500 Unearned Sales Revenue.... 34,800 ............................. Required 1. Prepare the business's multi-step income statement for the year ended July 31, 2020. 2. Prepare Olsevik Janitorial Supplies' statement of owner's equity at July 31, 2020. 3. Prepare Olsevik Janitorial Supplies' classified balance sheet in report format at July 31, 2020. 4. Bey Olsevik, owner of the company, strives to earn a gross margin percentage of at least 28.5 percent and a net income percentage of 15.3 percent (Net income percentage = Net income - Net sales revenue). Did Olsevik Janitorial Supplies achieve these goals? Show your calculations. Round answers to one decimal place