Excel #2: Multiple-Step Income Statement NOTE: Each highlighted cell should contain a cell address or formula. When adding a column of numbers, use the 50\" function. Follow general Instructions given earlier. HAM E: Mion IWeldon |. DATA Administrative Expenses $ 19.000 Cost of Goods Sold 335,000 Gain on Sale of Land 51,000 General Expenses 30,000 Income Tax Expense 30.0% Net Sales $110,000 Selling Expenses 55,000 M. INCOME STATEMENT BARKER'S BUSINESS Income Statement For the 'fear Ended December 31, 2010 Net Sales $?10,000 Cost of Goods Sold 305,011! Gross Prot Selling Expenses 55,000 Administrative Expenses 19,000 General Expenses 30,000 Total Operating Expenses Income from (Joe rations Gain on Sale of Land Income before income taxes Income Tax Expense Net Income $325,000 104,000 221,000 51,000 2?2,000 31,000 $190,400