P5-38A Preparing a single-step income statement, preparing a multi-step income statement, and computing the gross profit percentage Learning Cbjectives 5, 6 2. Operating Income $93,120 The rocords of Farm Qunlity Stoak Company list the following solected accounts for the quartor onded April 30, 2018 Interest Revenue S 400 Accounts Payable $ 17.700 Merchandise Inventory Notes Payable, long-term Salaries Payable 45.000 Accounts Receivable 38,200 37.700 2.800 Common Stock 30,000 Net Sales Revenue 288,000 Retained Eamings 5.380 Rent Expense (Seling 15.10 Dividends 25,000 Salaries Expense (Administrative) 2.000 Cash 7.100 Office Supplies 6,500 Cost of Goods Sold 154,960 Unearned Revenue 13,100 Equipment 2.100 Interest Payable 1,320 Rent Expense (Administrative) 4,600 Salaries Expense (Selling) 3,800 tilitios Expense (Soling) 132.000 Interest Expense 1,700 Depeeciation Expense-Equipment (Administrative) Uiies Expense (Administrative) Delivory Expense (Solling) .100 6,000 10,000 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement 3. M. Doherty, manager of the company strive$ to earn gross profit pe centage of at least 50%. Did Farm Quality achie e this goal? Show your calculations