1. Prepare and analyze a merchandiser's multi-step income statement. ? X X H 5 FILE - Sign In * 5 Merchandising operations and the multi-step income statement - Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri - 11 A A = % D D BIU. E. 3.4. Alignment Number Conditional Format Cell Cells Formatting as Table Styles Font Styles Paste Editing Clipboard D42 Income Statement For the Year Ended December 31, 20X1 Less: 41 Net Sales 43 Gross Profit 44 Expenses: 48 Income from Operations 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 58 ... Sheet1 ... + !! 0 + 100% READY Attempt(s) Hint 1. Prepare and analyze a merchandiser's multi-step income statement. ? - x Sign In BS .d ll FILE HOME * Calibri Paste ; Merchandising operations and the multi-step income statement - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW -11 A A = % D D B , , , , Alignment Number Conditional Format Cell Cells Formatting as Table Styles Font Styles B Editing Clipboard E8 E 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 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 20 Depreciation Expense 21 Rent Expense 22 Interest Expense 23 Loss on Sale of Equipment 24 Totals ... Sheet1 ... $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 8001 $331 8001 9 -- READY Attempt(s) + 100% Hint