A group of four students started at the beginning of the year a new clothing wholesale business, RedBear Clothing Wholesaler $($RBCW$).$ The List$/$Chart of Accounts $($before closing$)$ is as of the end of their first year of business.

$1.$ From the List$/$Chart of Accounts, prepare a well$-$formatted, multi$-$step Income Statement for the year ended as noted. $//1$a$.$ use $=$IF formula to determine if Operating Income or Operating Loss, and if Net Income or Net Loss.

The fx functions explain logic of formulas

$2.$ After a year in business, the company asks you to measure how effectively sales and expenses of the business are being managed. Compute using formula $($directly on the Income Statement worksheet$)$: Ratios Summary is on Bb$.$

$($a$)$ Net Income Margin $($NIM$)$ for the company, must be two decimal places expressed as percent xx$.$xx$\%$;

$($b$)$ average NIM for the Industry, must be two decimal places expressed as percent xx$.$xx$\%$; and

$($c$)$ compare which ratio is better by using $=$IF formula.

The following industry data is available:

Total assets : $$112,000$

Sales revenue: $98,000$

Net income: $21,000$

$3.$ Prepare a well$-$formatted Statement of Stockholders' Equity for the year ended as noted on a Separate Worksheet.$\text{'}-->$ you may copy appropriate SSE template $($in Bb$)$ into your Excel file. Must remove template info and add$/$link data.