1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance 2 is for the year ended December 31, 20X1. Credits Debits $37,500 28,600 43,300 2,000 69,000 4 Account Titles 5 Cash Accounts Receivable 7 Inventory Prepaid Rent Equipment 10 Accumulated Depreciation Accounts Payable 12 Unearned Fees Long-term Notes Payable 14 J. Noodle, Capital Sales Revenue 16 Sales Returns and Allowances 17 Sales Discounts 18 Cost of Goods Sold 19 Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment 24 Totals 1 ... $20,700 8,800 20,000 75,000 31,800 175,500 20 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331.8001 23 $331.800 12 Net Income or Net LOSS as appropriate based on the value calculated in cell B52. 33 34 35 NOODLES UNLIMITED Income Statement For the Year Ended December 31, 20X1 36 37 38 Less: 41 Net Sales 42 43 Gross Profit 44 Expenses: Income from Operations 49 Other Expenses and Losses ... Sheet1 ... + DEADY PAT 53 54 3. Compute the gross profit percentage. 55 Note: Make sure to include *100 at the end of your formula 56 in order to convert the decimal to a percentage. 57 Gross Profit Percentage percent