Problem 5-6A Excel Spreadsheet Template Preparing a single-step income Items from the accounts of Marchand Distributors at May 31, 2017, follow, listed in alphabeti- cal order. Marchand Distributors uses the perpetual inventory system. For simplicity, the oper- statement and a classified bal- ating expenses are summarized in the General Expenses and the Selling Expenses accounts.ance sheet under the perpetual inventory system Accounts Payable.51,000 Accounts Receivable. Accumulated Amortization Interest Payabl 2,800 600 ..107,500 Interest Revenue. 1. Net income, $259,600 Equipment C. Marchand, Capital.167,800 Salaries Payable.. C. Marchand, Withdrawals....66,900 Sales Discount Cash. Cost of Goods Sold... 1,086,900 Allowances Equipmet. General Expenses... Interest Expense. 96,900 Notes Payable, Long-Term. 114,800 7,200 26,500 5,900 340,800 Sales Revenue1,991,500 9,200 Supplies 33,100 19,900 Sales Returns and 206,800 Selling Expenses Unearned Sales Revenue15,200 Required 1. Prepare the business's single-step income statement for the year ended May 31, 2017 repare the statement of owner's equity for the year ended May 31, 2017 3. Prepare Marchand Distributors' classified balance sheet in report format at May 31, 2017. Problem 5-7A 1. Use the data in Problem 5-6A to prepare Marchand Distributors' multi-step income 2. Corry Marchand, owner of the company, strives to earn a gross margin of at least Preparing a multi-step income statement and calculating gross statement for the year ended May 31, 2017. margin percentage under the 50 percent and a net income of 20 percent (Net income percentage Net income +Net perpetual inventory system sales revenue). Did Marchand Distributors achieve these goals? Show your calculations. 6 1. Net income, $259,600