excel chapter 4

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in Year 1, Kim Company sold land for $80,000 cash. The land had originally cost $60,000. Also, Kim sold inventory that had cost $110,000 for $198,000 cash. Operating expenses amounted to $36,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. 8 Use cell references from the given information above to complete this question. Enter amounts to be deducted with a minus sign b. Assume that normal operating activities grow evenly by 10 percent during Year 2 . Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2 . Net income 43. d. Should the stockholders have expected the results determined in Requirement c