ANSWERS WITH EXCEL FORMULAS ONLY PLEASE!!

26 Required: 27 1. Prepare a multistep income statement that would be used for internal reporting purposes. 28 Note: When more than one correct account could appear in a cell, list items in order of largest to 29 smallest dollar amounts. Use cell referencing to select account titles and values. 30 All numbers should appear as positive numbers. 31 2. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either 32 "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B52. 33 \begin{tabular}{|l|l|l|} \hline 34 & \multicolumn{2}{|c|}{ NOODLES UNLIMITED } \\ \hline 35 & \multicolumn{1}{|c|}{ Income Statement } \\ \hline 36 & \multicolumn{1}{|c|}{ For the Year Ended December 31, 20X1 } \\ \hline 37 & \multicolumn{1}{|c|}{} \\ \hline 38 & Less: & \\ \hline 39 & & \\ \hline 40 & & \\ \hline 41 & Net Sales & \\ \hline 42 & & \\ \hline 43 & Gross Profit & \\ \hline 44 & Expenses: & \\ \hline 45 & & \\ \hline 46 & & \\ \hline 47 & & \\ \hline 48 & Income from Operations & \\ \hline 49 & Other Expenses and Losses & \\ \hline 50 & & \\ \hline 51 & & \\ \hline 52 & & \\ \hline \hline \end{tabular}