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Selected accounts of Mamaroneck's Muffins at August 31, 2020, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the accounts Selling Expenses and General Expenses. Mamaroneck's Muffins uses the perpetual inventory system. i (Click the icon to view the accounts.) Required Prepare Mamaroneck's Muffins' multi-step income statement for the year ended August 31, 2020. 2. Mamaroneck Sterling, owner of the company, strives to earn a gross margin of at least 50 percent and a net income of 20 percent. (Net income percentage = Net income + Net sales revenue). Did the business achieve these goals? Show your calculations. Requirement 1. Prepare Mamaroneck's Muffins' multi-step income statement for the year ended August 31, 2020. Begin with the heading, and then complete the body of the statement, one section at a time, as presented. (Use a minus sign or parentheses for any losses.) Accounts - X Mamaroneck's Muffins i Income Statement For the Year Ended August 31, 2020 Accounts Payable . . . . . . . . . $ 49,000 M. Sterling, Withdrawals .. . . . . $ 47,000 Revenue: Accounts Receivable . . . . . . . 82,000 Note Payable, Long-Term 264,000 Sales revenue Accumulated Amortization- Salaries Payable 13,000 Less: Sales discounts Store Equipment . . . . . 38,000 Sales Discounts. . . . . . . . . . . ... 24,000 Sales returns and allowances Cash 3,300 Sales Returns and Net sales revenue Cost of Goods Sold 809,000 Allowances . . 36,000 Interest revenue General Expenses. . . . . . . 134,000 Sales Revenue. 959,000 Gross margin Interest Expense 6,700 Selling Expenses 162,000 Operating expenses: Interest Payable . .. ....... 5,200 Store Equipment 261,050 Cost of goods sold Interest Revenue 850 Supplies 8,700 Inventory . . . . . . . 264,000 Unearned Sales Revenue . . . . . 57,000 Operating income (loss) M. Sterling, Capital . . . . . . . . 451,700 Other revenue and expense: Print Done Net income (loss) Requirement 2. Mamaroneck Sterling, owner of the company, strives to earn a gross margin of at least 50 percent and a net income of 20 percent. (Net income percentage = Net income + Net sales revenue). Did the business achieve these goals? Show your calculations. Start by calculating the gross margin percentage. Select the formula and then complete the calculation. (Round your answer to one decimal. Use a minus sign or parentheses to indicate a negative answer.) Gross margin percentage Now, calculate the net income percentage. Select the formula, and then complete the calculation. (Round your answer to one decimal. Use a minus sign or parentheses for any losses or negative answers.) Net income percentage 1% Mamaroneck's Muffins achieve its goals