Requirement 1. Prepare a single-step income statement. (Abbreviation used: Eq. = Equipment) Farm Quality steak Company Income Statement Quarter Ended April 30, 2024 Revenues: Net Sales Revenue 298,00 Interest Revenue 400 Total Revenues Net Income (Lass Data Table - X $ 400 $ 17,700 38,200 37.700 30,000 Interest Revenue Merchandise Inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling Salaries Expense (Administrative) Office Supplies Unnamed Revenue Interest Expense Depreciation Expense---Cquipment Administrative) Utilities Expense (Aditinistrative Delivery Expense (Selling) 45,000 54,000 2,800 298,000 15,100 2.000 6,500 13,100 -2,100 1,320 Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Common Stock Retained Camings Dividends Cash Cost of Goods Sold Equipment Interest Puyable Ron Expanse (Administrative) Salaries Expense (Selling) Utilities Expanse (Sing) 5,380 25,000 7.100 154,960 132.000 1.700 7.100 8.000 10.000 4.600 3.800 Print Done Done Requirements X 1. Prepare a single step income statement. 2. Prepare a multi slep income statement. 3. M. Doherty, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Farm Quality achieve this goal? Show your calculations Print Done