Question 2 $ 60,000 110,000 Nathan New, Capital Nathan New, Withdrawals Purchases $ 241,800 50,000 Accounts Payable Accounts Receivable Accumulated Amortization, Furniture Bank Loan, Long Term Cash Furniture General Expenses Interest Expense Interest Payable Interest Revenue Inventory, July 31, 2017 80,000 130,000 20,000 320.000 200,000 8,000 1,000 200 140,000 Salary Payable Sales Discounts Sales Returns & Allowances Sales Revenue Selling Expenses Supplies Unearned Sales Revenue 1,200,000 15,000 30,000 40,000 2,000,000 400,000 20,000 10,000 (20 marks) Required: A. Use the data to prepare a multi-step income statement for Nothing New at July 31, 2018 year end. B. Owner, Nathan New, tries to achieve a gross margin of at least 40% and a net income of at least 15%. Keeping in mind that net income percentage is equal to net incomeet sales revenue, has Nathan New achieved those results? Question 2 $ 60,000 110,000 Nathan New, Capital Nathan New, Withdrawals Purchases $ 241,800 50,000 Accounts Payable Accounts Receivable Accumulated Amortization, Furniture Bank Loan, Long Term Cash Furniture General Expenses Interest Expense Interest Payable Interest Revenue Inventory, July 31, 2017 80,000 130,000 20,000 320.000 200,000 8,000 1,000 200 140,000 Salary Payable Sales Discounts Sales Returns & Allowances Sales Revenue Selling Expenses Supplies Unearned Sales Revenue 1,200,000 15,000 30,000 40,000 2,000,000 400,000 20,000 10,000 (20 marks) Required: A. Use the data to prepare a multi-step income statement for Nothing New at July 31, 2018 year end. B. Owner, Nathan New, tries to achieve a gross margin of at least 40% and a net income of at least 15%. Keeping in mind that net income percentage is equal to net incomeet sales revenue, has Nathan New achieved those results