The account balances for Atlantis Aquatics, Inc., for the year ended August 31, 2018, are presented next in random order E (Click the icon to view the account balances.) Requirements 1. Prepare Atlantis Aquatics, Inc's single-step income statement 2. Would you recommend the use of the single-step income statement format by a merchandiser? Why? Income Statement For the Year Ended August 31, 2018 Revenues Sales revenue 255,000 Expenses Gross profit Operating expenses Operating income Other revenue and (expense) Total expenses WOOD Requirement 2. Would you recommend the use of the single-step income statement format by a merchandiser? Why? Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Net income (loss) Requirement 2. Would you recommend the use of the single-step income statement format by a merchandiser? Why? The single-step income statement for Atlantis Aquatics as a merchandiser. A merchandiser should use a income statement to provide more detailed information to the financial statement users Choose from any list or enter any number in the input fields and then continue to the next question Save for Later - i Data Table $ $ 132, 100 10,200 2,800 255,000 4,500 Cash Equipment Accounts payable Common stock Long-term notes payable General expenses Salaries payable Supplies Building Ne Estimated refund liability Red Prepaid rent Wh Interest expense The Retained earnings 10,100 Cost of goods sold 40,500 Accumulated depreciation, 5,100 equipment 25,000 Unearned revenues 30,000 Sales revenue. 15,000 Accounts receivable 2,400 Accumulated depreciation, 3,300 building 138,000 Mortgage payable (long-term) 3,700 Dividends 2,400 Estimated inventory returns 900 Selling expenses 71,300 Inventory 18,500 20,500 70,000 1,600 23,400 2,700 sha Print Done Cho