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Preparing a single-step income statement, preparing a multi-step income statement, and computing the gross profit percentage
The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2015:
Interest Revenue
$ 800
Accounts Payable
$ 17,000
Merchandise Inventory
45,100
Accounts Receivable
33,500
Notes Payable, long-term
47,000
Accumulated Depreciation-Equipment
37,600
Salaries Payable
2,400
Angus, Capital, Jan. 31
53,300
Sales Discounts
2,000
Angus, Withdrawals
20,000
Sales Returns and Allowances
7,500
Cash
7,600
Sales Revenue
296,100
Cost of Goods Sold
162,100
Rent Expense (Selling)
21,780
Equipment
130,600
Office Supplies
5,700
Interest Payable
1,200
Unearned Revenue
13,300
Rent Expense (Administrative)
9,780
Interest Expense
Utilities Expense (Selling)
10,890
Depreciation Expense-Equipment (Administrative)
1,630
Delivery Expense (Selling)
3,630
Utilities Expense (Administrative)
4,890
Requirements
1. Prepare a single-step income statement.
2. Prepare a multi-step income statement.
3. M. Davidson, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Grade A achieve this goal? Show your calculations.
Financial Statement Analysis and Preparation
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