D 1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance 2 is for the year ended December 31, 20X1. Credits Debits $37,500 28,600 43,300 2,000 48,300 4 Account Titles 5 Cash Accounts Receivable 7 Inventory Prepaid Rent 9 Land Accounts Payable 11 Notes Payable Common Stock 13 Retained Earnings, January 1, 20X1 14 Sales Revenue | 15 Sales Returns and Allowances 16 Sales Discounts 17 Cost of Goods Sold Salaries and Wages Expense 19 Utility Expense 20 Rent Expense Interest Expense 22 Income Tax Expense Totals 8,800 20,000 75,000 31,800 175,500 4,700 6,0001 67,700 25,900 13,800 24,000 1,600 7,700 $311,100 $311,100 ... Sheet1 ... + 25 Required: 26 1. Prepare a multistep income statement that would be used for internal reporting purposes. 27 Note: When more than one correct account could appear in a cell, list items in order of largest to 28 smallest dollar amounts. Use cell referencing to select account titles and values. 29 All numbers should appear as positive numbers. 30 2. Use the Excel IF function to label cell A51 as either "Net Income" or "Net Loss" as 31 appropriate based on the value calculated in cell B51. NOODLES UNLIMITED, INC. Income Statement For the Year Ended December 31, 20X1 Sales Revenue Less: 40 Net Sales ... Sheet1 ... + . READY Attempt(s) 1/3 31 appropriate based on the value calculated in cell B51. NOODLES UNLIMITED, INC. Income Statement For the Year Ended December 31, 20X1 36 Sales Revenue 37 Less: 40 Net Sales 42 Gross Margin Expenses: Income from Operations Income before Income Tax Expense 53 3. Compute the gross margin percentage. 54 Note: Make sure to include *100 at the end of your formula ... Sheet1 ... + 51 52 53 3. Compute the gross margin percentage. 54 Note: Make sure to include *100 at the end of your formula 55 in order to convert the decimal to a percentage. 56 Gross Margin Percentage percent