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Requirements 1. Prepare a single-step income statement 2. Prepare a multi-step income statement 3. C. Douglas, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A achieve this goal? Show your calculations. Print Done Data Table $ 600 45,700 45,000 2,600 300,000 21,600 Interest Revenue Merchandise Inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies Unearned Revenue Interest Expense Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) Delivery Expense (Selling) 2,300 Accounts Payable Accounts Receivable Accumulated Depreciation--Equipment Common Stock Retained Earnings Dividends Cash Cost of Goods Sold Equipment Interest Payable Rent Expense (Administrative) Salaries Expense (Selling) Utilities Expense (Selling) 6,400 14,200 2,500 1,335 4,300 3,600 Requirement 1. Prepare a single-step income statement. (Abbreviation used: Eq. = Equipment.) Grade A Beef Company Income Statement Quarter Ended April 30, 2024 Net Income (Loss) Net ind Data Table 17,600 Interest Revenue Merchandise Inventory Notes Payable, long term Salaries Payable Not Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies Uneamed Revenue Interest Expense Depreciation Expenso-Equipment (Administrative) Utilities Expense (Administrative) Delivery Expenso (Selling) 800 Accounts Payable 45,700 Accounts Receivable 45,000 Accumulated Depreciation Equipment 2,600 Common Stock 300,000 Retained Eamings 21.600 Dividends 2,300 Cash 6,400 Cost of Goods Sold 14,200 Equipment 2,500 Interest Payable 1,335 Rent Expenso (Administrative) 4,300 Salaries Expense (Selling) 3,600 Utilities Expense (Seling) 33.500 35,800 35,000 9,135 15,000 7.900 153,000 133,500 1.500 9.500 5,500 10,100 Print Done

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