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 Cash 6 Accounts Receivable 7 Inventory Prepaid Rent 9 Equipment 10 Accumulated Depreciation 11 Accounts Payable 12 Unearned Fees 13 Long-term Notes Payable 14 J. Noodle, Capital 15 Sales Revenue 16 Sales Returns and Allowances 17 Sales Discounts 18 Cost of Goods Sold 19 Salaries and Wages Expense Depreciation Expense 21 Rent Expense 22 Interest Expense Loss on Sale of Equipment Totals $20,700 8,800 20,000 75,000 31,800 175,500 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 $331,800 26 Required: 27 1. Prepare a multistep income statement that would be used for internal reporting purposes. 28 Note: When more than one correct account could appear in a cell, list items in order of largest to 29 smallest dollar amounts. Use cell referencing to select account titles and values. 30 All numbers should appear as positive numbers. C 29 smallest dollar amounts. Use cell referencing to select account titles and values. 30 All numbers should appear as positive numbers. 31 2. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either 32 "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B52. NOODLES UNLIMITED Income Statement For the Year Ended December 31, 20X1 Less: Net Sales 43 Gross Profit 44 Expenses: 48 Income from Operations 49 Other Expenses and Losses 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