Preparing a single step income statement, preparing a muti step income statement, and computing thr gross profit percentage.

The records of Grade A Steak company list the following selected accounts for the quarter ended April 30, 2015.

Interest revenue $ 800, Merchandise inventory 45,100. notes payable long term 47,000, Salaries Payable 2,400, Sales discounts 2000, Sales returns and allowances 7,500, sales revenue 296,100 , Rent expense (selling) 21, 780 ,office supplies 5,700, Unearned revuenue 13,300 , Interest expense 2,000, Depreciation expense- equipment (administrative) 1,630, Utilities expense( administrative) 4,890, accounts payable $17,000, Accounts receivable 33, 500 , Accumulated depreciation- equipment 37,600, Angus, Capital, jan31- 53,300, Angus, withdrawals 20,000, cash 7,600, cost of goods sold 162,100, equipment 130,600 Interest payable 1,200, Rent expense (administrative) 9,780 , Utilities expense(selling)- 10,890, Delivery expense( selling) 3,630. Operating Income $ 71, 900.

Requirements

Prepare a single step income statement.

Prepare a multi step income statement

M. Davidson, Manager of the company strives to earn a gross profit percentage of atleast 50% Did grade A achieve this goal?Show your calculations.