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Cash 37500 Accounts Receivable 28600 Inventory 43300 Prepaid Rent 2000 Equipment 69000 Accumulated Depreciation 20700 Accounts Payable 8800 Unearned Fees 20000 Long Term Notes payable

Cash 37500
Accounts Receivable 28600
Inventory 43300
Prepaid Rent 2000
Equipment 69000
Accumulated Depreciation 20700
Accounts Payable 8800
Unearned Fees 20000
Long Term Notes payable 75000
J Noodle Capitol 31800
Sales Revenue 175500
Sales Returns and allowances 4700
Sales Discounts 6000
Cost of Goods Sold 67700
Salaries and Wages expense 25900
Depreciation expense 13800
Rent Expense 24000
Interest Expense 1600
Loss on Sale of Equipment 7700
Totals 331800 331800
1. Prepare a multistep income statement that will 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 the cell B52 use the Excel
IF function to label cell A52 as either 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
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 Percentage

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