3 Selected data from Archie Inc.'s 12/31/21 Adjusted Trial Balance appears in the data section below. Use EXCEL and the relevant information from the Data Section to complete 1)a multi-step Income Statement entering cell references, formulas and labels where indicated. 2) a vertical analysis. In each of the indicated cells to the right of the Income Statement, calculate each item as a percentage of Net Sales. If you create an absolute formula in Cell G11 and drag it down to fill in the other cells, you will earn 3 extra points (the formula must be correct and you must delete any unnecessary cells that fill in). 3) Save the file as: YOUR NAME_Excel Ch 5 4) Print the spreadsheet and the formulas (CTRL"). 5 6 7 DATA SECTION 8 Inventory $ 225,000 Archie Inc. Income Statement 9 Advertising Expense $ 750,000 LABEL 10 Accounts Receivable $ 325,000 Cell Reference 11 Cost of Goods Sold $ 2,475,000 Cell Reference 12 Net Sales 13 Interest Revenue $ 5,500,000 $ 2,000 LABEL LABEL 14 Gain on Sale of Building $ 125,000 Cell Reference 15 Salaries Expense $ 775,000 Cell Reference Cell Reference Cell Reference 16 Rent Expense $ 30,000 Cell Reference Cell Reference 17 Depreciation Expense $ 45,000 Cell Reference Cell Reference 18 Freight Expense $ 12,000 Cell Reference Cell Reference 19 Utilities Expense $ 9,000 Cell Reference Cell Reference 20 Loss on Sale of Equipment $ 2,000 LABEL 21 Income Tax Expense $ 450,000 LABEL 22 Other Revenues & Gains: 23 Cell Reference Cell Reference 24 Cell Reference Cell Reference 25 26 27 28 29 Other Expenses & Losses: Cell Reference LABEL LABEL LABEL 30 31 32 33 34 Sheet1 Sheet2 + Vertical Analysis: % of Net Sales Cell Reference % of Net Sales Formula Cell Reference % of Net Sales Formula Formula % of Net Sales Formula Formula % of Net Sales Formula Formula % of Net Sales Formula Formula % of Net Sales Formula Cell Reference % of Net Sales Formula Formula % of Net Sales Formula Cell Reference % of Net Sales Formula Formula % of Net Sales Formula