5 Required: 71. Prepare a multistep income statement that would be used for internal reporting purposes. 8 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. 12. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either 2 "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B52. 3. 5 5. NOODLES UNLIMITED, INC. Income Statement For the Year Ended December 31, 20X1 Sales Revenue A 5 Cash 6 7 Inventory 8 Prepaid Rent 9 Account Titles Accounts Receivable B Debits C D Credits $37,500 28,600 43,300 2,000 Equipment 10 Accumulated Depreciation 11 Accounts Payable 69,000 $20,700 8,800 12 Notes Payable 20,000 13 Common Stock 75,000 14 Retained Earnings, January 1, 20X1 31,800 15 Sales Revenue 175,500 16 Sales Returns and Allowances 4,700 17 Sales Discounts 6,000 18 Cost of Goods Sold 67,700 19 Salaries Expense 20 Depreciation Expense 21 Rent Expense 22 Interest Expense 25,900 13,800 24,000 1,600 23 Loss on Sale of Equipment 7,700 24 Totals $331,800 $331,800 25 2. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either 2 "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B52. 3. 4 5 NOODLES UNLIMITED, INC. Income Statement For the Year Ended December 31, 20X1 5. Sales Revenue B Less: 9 1 Net Sales 2 3 Gross Profit Expenses: 5 5 7 Operating Income Other Expenses and Losses 1 2 3. 3. Compute the gross profit percentage. Note: Make sure to include *100 at the end of your formula in order to convert the decimal to a percentage. Gross Profit Ratio percent