How do I

Preparinga single-step income statement, preparing a multi-step
incomestatement, and computing the gross profit percentage
The records of Grade A Steak Companylist the following selected accounts for the
quarter ended April 30, 2015:
Learning Objectives 5, 6
2.Operating Income $71,900

InterestRevenue $ 800 Accounts Payable $ 17,000

MerchandiseInventory 45,100 Accounts Receivable 33,500

NotesPayable, long-term 47,000 Accumulated Depreciation—Equipment 37,600

SalariesPayable 2,400 Angus, Capital, Jan. 31 53,300

SalesDiscounts 2,000 Angus, Withdrawals 20,000

SalesReturns and Allowances 7,500 Cash 7,600
SalesRevenue 296,100 Cost of Goods Sold 162,100
RentExpense (Selling) 21,780 Equipment 130,600
OfficeSupplies 5,700 Interest Payable 1,200
UnearnedRevenue 13,300 Rent Expense (Administrative) 9,780
InterestExpense 2,000 Utilities Expense (Selling) 10,890
DepreciationExpense—Equipment (Administrative) 1,630 Delivery Expense (Selling) 3,630
UtilitiesExpense (Administrative) 4,890
Requirements


Prepare asingle-step income statement

Prepare a multi-stepincome statement


3. M. Davidson, manager of the company, strives to earn a grossprofit percentage
of at least 50%. Did Grade A achieve this goal? Show yourcalculations.

Please look at your post. This is what happens when you just copy homework!

For a single step income statement you simply have one line for your revenues, one line for all of your expenses, and a final line for your Net Income.

A multi step income statement you have one line for each item, so use your accounting textbook for the proper format of a multi-step income statement.

I just don't know why we bother