1. Prepare and analyze a merchandiser's multi-step income statement. 5 FILE * . 5 Merchandising operations and the multi-step income statement - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calbr 1 - AM B IU . E. A. - Alignment Number Conditional Format as Cell Cells Formatting Table Styles - Font Styles - Paste Clipboard D3 D 1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance 2 is for the year ended December 31, 20X1. Debits Credits $37,500 28,600 43,300 2.000 48.300 4 Account Titles Ch 6 Accounts Receivable Inventory 8 Prepaid Rent 9 Land 10 Accounts Payable 11 Notes Payable 12 Common Stock 13 Retained Earnings, January 1, 20X1 14 Sales Revenue 15 Sales Returns and Allowances 16 Sales Discounts 17 Cost of Goods Sold 18 Salaries and Wages Expense 19 Utility Expense 20 Rent Expense Interest Expense Income Tax Expense Totals 8.800 20.000 75.000 31,800 175,500 4.700 0.000 67,700 25.000 13.800 24 000 1,600 7.700 $311,100 $311,100 ... Sheet1 ... * Callori - 11 2 Paste B I U . - - - A- Alignment Number Conditional Format as Formatting Table depuis Styles Clipboard Font A25 Required: 25 Required: 26 1. Prepare a multistep income statement that would be used for internal reporting 27 Note: When more than one correct account could appear in a cell, list items in order o 28 smallest dollar amounts. Use cell referencing to select account titles and values. 29 All numbers should appear as positive numbers. 30 2. Use the Excel IF function to label cell A51 as either "Net Income" or "Net Loss" 31 appropriate based on the value calculated in cell B51. NOODLES UNLIMITED, INC. Income Statement For the Year Ended December 31, 20X1 ess: Net Sales 42 Gross Margin Expenses: Income from Operations Sheet1 1. Prepare and analyze a merchandiser's multi-step income statem Merchandising operations and the multi- PAGE LAYOUT FORMULAS DA FILE HOME INSERT A Calibrl BIU. 11 3- A = A. Alignment Number Con Form Paste Clipboard Font A25 Required: Less: Net Sales 42 Gross Margin expenses Income from Operations Income before Income Tax Expense 53 3. Compute the gross margin percentage. 54 Note: Make sure to include 100 at the end of your formula 55 in order to convert the decimal to a percentage. 56 Gross Margin Percentage percent Sheet1