Problem 5 Following is an adjusted trial balance for Steel E Dan Productions as of and for the year ended December 31, 2017 Debit Credit Cash 28,745 Accounts receivable 224,600 Merchandise Inventory 12,800 Office Supplies 2,050 Store equipment 82,400 Accumulated depreciation - store equipment 12,700 Accounts payable 42,350 Notes payable (due within one year) 22,000 Common stock 120,000 Retained earnings 232,455 Dividends 22,000 Sales 870,000 Sales discounts 4,500 Sales returns and allowances 18,600 Cost of goods sold 707,400 Sales salaries expense 105,200 Depreciation expense-store equipment 3,150 Office supplies expense - 14,800 Advertising expense 50,800 Utilities expense 22,460 1,299,505 1,299,505 Required: Prepare a multiple step income statement for the year ended December 31, 2017 Calculate gross profit percentage Calculate the net income (loss) percentage Prepare the four closing entries Prepare a statement of retained earnings for the year ended December 31, 2017 Prepare a balance sheet in good form as of December 31, 2017