1. Prepare a income statement

2. Compute the gross profit percentage

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2 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance is for the year ended December 31. Credits Debits $37,500 28,600 43,300 2,000 69,000 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable Noodles, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense 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 27 1. Prepare a multi-step income statement that would be used for internal reporting purposes. 28 29 (Use cells A5 to C24 from the given information to complete this question. All formulas must return positive va B0 31 NOODLES UNLIMITED B2 Income Statement B3 For the Year Ended December 31 54 B5 Less: B6 37 38 Net Sales 39 40 Gross Profit 41 Expenses: 42 43 44 145 Income from Operations 46 Other Expenses and Losses 47 48 49 50 51 52 2. Compute the gross profit percentage. 53 54 Gross Profit Percentage 55