1. Use the data in Problem 5-14B to prepare Olsevik Janitorial Supplies’ multi-step income statement for the year ended July 31, 2017.
2. Bev Olsevik, owner of the company, strives to earn a gross margin percentage of at least 50 percent and a net income percentage of 20 percent (Net income percentage = Net income ÷ Net sales revenue). Did Olsevik Janitorial Supplies achieve these goals? Show your calculations.
In Problem 5-14B
Selected accounts of Olsevik Janitorial Supplies, at July 31, 2017, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Olsevik Janitorial Supplies uses the periodic inventory system.
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