1. Prepare and analyzed merchandisers multi-step Income statement. ? X XHH FILE - HOME Merchandising operations and the multi-step income statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW - Sign In INSERT Paste B I U - - A - - Font Alignment Number - Editing Conditional Format as Cell Formatting Table Styles Styles Cells - Clipboard A37 Account Titles Credits Debits $37,500 28,6001 43,300 2,000 69,000 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital 15 Sales Revenue 16 Sales Returns and Allowances Sales Discounts 18 Cost of Goods Sold 19 Salaries and Wages Expense 20 Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals SIS $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: 1 . Sheet1 ... 6 READY El -- + 100% Attempt(s) 2/3 . Required: 1. Prepare a multistep income statement that would be used for internal reporting purposes. Note: When more than one correct account could appear in a cell list items in order of largest to smallest dollar amounts. Use cell referencing to select account titles and values. All numbers should appear as positive numbers. 2. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either "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 Gross Profit Expenses Income from Operations Other Expenses and Losses 41 Net Sales 43 Gross Profit 44 Expenses: 43 Income from Operations 49 Other Expenses and Losses UN 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