Requirement 1. Prepare the multe income statement for June for Mighty Tire, Inc Mighty Tre, Inc. Income Statement For the Month Ended June 30, 2018 Sales revenue 275000 Estimated inventory returns 2800) Sales revenue Cont of goods sold Cost of goods sold Not income foss) Requirement 2. Calculate the gross profil percentage for Jure for Mighty Tire, Inc Start by determining the forma, the complete the calculation to determina grous profit percentage for the month (Ender your answers perconduced to the rear tento pront, XXL) Gross prot percentage Requirements. What does Mighty Tire, Inc gross profil percentage mean? (ar the amount to one decinal phaco, XX) Mighty The gross margin perontage means that each dotar of goberto conto that cover and to generate Mighty Tire, Inc. Trial Balance June 30, 2018 Debit Credit Account $ 22,000 28,900 24,700 2,800 2,400 73,000 $ Cash Accounts receivable Inventory Estimated Inventory returns Supplies Equipment Accumulated depreciation, equipment Accounts payable Estimated refunds liability Uneamed sales revenue Note payable, long-term Common stock Retained earnings Dividends Sales revenue Cost of goods sold Selling expense General expense 8,000 7,200 2,100 1,300 15,000 10,000 68,350 34,000 275,000 X.X% ntag 148,500 25,800 24,500 350 cont Interest expense unt to $ 386,950 S 386,950 Total Print Done Requirement 2. Conto the gross profil percentage for June for Mighty Tire, Inc. Start by determining the formula, then complete the calculation to determine gross prelit perniage for the month (Enter your awesperant rounded to the northern Gross proft percentage % Requirement 3. What does Mighty Tire, Inc.'s gross profit percentage mean? (Enter the amount to a decimal place, XX) generates con of Mighty Tire, Inc.'s gross margin percentage means that each dollar of that is used to cover and to generate