The following is a single-step income statement for the Bonds Company: Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Net Sales $350,000 Cost of Goods Sold 65,000 Selling Expenses 20,000 Administrative Expenses 14,000 Interest Expense 10,000 Income Tax Expense 45,000 Total Expenses 154,000 $146,000 Net Income If the income statement were prepared in a multiple-step format, the gross profit percent would be: 1.8196 2.1996. 3.569% 4, 6996