The account balances and single step income statement for Grease supply Inc. for the year ended December 31, 2018 are presented below.

Requirement 1. Prepare Grease Monkey Auto Supply, Inc.'s multistep income statement. Grease Monkey Auto Supply, Inc. Income Statement For the Year Ended December 31, 2018 Net income (loss) Requirement 2. Calculate the gross profit percentage Start by determining the formula, then complete the calculation to determine gross profit porcentage for the year. (Enter your answer as a porcent rounded to the nearest tenth of a percent, X.X%) Gross profit porcentage % Requirement 3. The gross profit percentage for 2017 was 51.9%. Did the grous profit percentage improve or deteriorate during 2018? As shown by the In the ratio, the gross profit percentage doring 2018 X Reference Grease Monkey Auto Supply, Inc. Income Statement For the Year Ended December 31, 2018 Revenues: GA 262,800 Sales revenue $ 128.600 Expenses: Cost of goods sold Selling expenses General expenses 23,400 21,800 900 Interest expense 174.700 Total expenses $ 88,100 Net income (loss) Data Table $ $ 128,600 7,600 --- 2,500 - 262,800 5,100 ---- .. Cash. Equipment Accounts payable. Common stock..... Long-term notes payable General expenses Salaries payable Supplies Building Estimated refund liability Prepaid rent Retained earnings Interest expense 4,900 Cost of goods sold 39,400 Accumulated depreciation, 4,200 equipment 15,000 Unearned revenues 23.400 Sales revenue 21,800 Accounts receivable 3,100 Accumulated depreciation, 1,200 building 155,000 Mortgage payable (long-term) 2.700 Dividends. 2.900 Estimated inventory returns 69,200 Selling expenses. 900 Inventory ### ---- ++++ 27,800 45,000 65,000 1,400 23,400 13,700 *