Quality Cut Steak Company uses a perpetual inventory system. The records of Quality Cut Steak Company list the following selected accounts for the quarter ended April 30, 2018: (Click the icon to view the accounts.) Read the requirements Requirement 1. Prepare a single-step income statement. (Abbreviation used: Eq. = Equipment.) x Data Table - Quality Cut Steak Company Income Statement Quarter Ended April 30, 2018 S 100 $ 45,600 Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Common Stock 17,500 35,400 36,600 42,000 3,200 46,000 296,000 Retained Earnings 12.075 24.400 Dividends 15,000 Interest Revenue Merchandise Inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies Unearned Revenue Interest Expense Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) Delivery Expense (Selling) 7,000 159,840 133,500 1,800 Cash 5,500 Cost of Goods Sold 13,400 Equipment 2.400 Interest Payable 1,335 Rent Expense (Administrative) 4.400 Salaries Expense (Selling) 3,900 Utilities Expense (Selling) 900 9,400 5,800 10,200 Print Done Net Income (Loss) Requirement 2. Prepare a multi-step income statement. Begin by completing the statement through the gross profit, then calculate operating income in the second step and net income in the final step. (Enter Selling Expenses before Administrative Expenses. Use a minus sign or parentheses to show other expenses. Abbreviation used: Eq. = Equipment.) Quality Cut Steak Company Income Statement Quarter Ended April 30, 2018 Gross Profit Net Income (Loss) Requirement 3. C. Davidson, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Quality Cut achieve this goal? Show your calculations. Compute the gross profit percentage of Quality Cut. (Round the gross profit percentage to the nearest tenth of a percent, X.X%.) Gross profit % % Did Quality Cut achieve this goal? Quality Cut achieve this goal Yes any list or enter any number in the input fields and then continue to the next question. No