Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step income statement. ? X - Sign In FILE HOME Calibri BLU Paste Merchandising operations and the multi-step income statement - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11 AA = E -2 A Alignment Number Conditional Format as Cell Cells Formatting Table Styles Font Styles x for A Clipboard A1 is for the year ended December 31, 20X1. Credits Debits Debits $37,500 28,600 43,300 2,000 69,000 4 Account Titles 5 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees 13 Long-term Notes Payable 14 J. Noodle, Capital 15 Sales Revenue 16 Sales Returns and Allowances 17 Sales Discounts 18 Cost of Goods Sold 19 Salaries and Wages Expense 20 Depreciation Expense 21 Rent Expense 22 Interest Expense 23 Loss on Sale of Equipment 24 Totals - Sheet1 - 4 READY $20,700 8,800 20,000 75,000 31,800 175,500 4,700 6,000 67,700 25.900 13.800 24,000 1,600 7,700 S331.8001 S331.800 E U - 100% Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step income statement. 5 ? X - Sign In FILE X . HOME INSERT Calibri 1 BI U. - Font Merchandising operations and the multi-step income statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW A A -A Alignment Number Conditional Format as Cell Formatting Table Styles - Styles Paste Clipboard A1 23 Loss on Sale of Equipment 24 Totals 7,700 $331,800 S331,800 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. NOODLES UNLIMITED Income Statement For the Year Ended December 31, 20X1 Net Sales 43 Gross Profit 44 Expenses: - Sheet1 - 6 READY E 100% Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step income statement K ? X B FILE 5. HOME 1 INSERT Merchandising operations and the multi-step income statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW - Sign in E- Calibri BIU 1 JA R A Font Cells Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard NOODLES UNLIMITED Income Statement For the Year Ended December 31, 20X1 Less: 41 Net Sales 43 Gross Profit 44 Expenses: Income from Operations 49 Other Expenses and Losses 3. Compute the gross profit percentage. 55 Note: Make sure to include *100 at the end of your formula 56 in order to convert the decimal to a percentage - Sheet1 - + READY - 100% Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step income statement. ? - X INSERT Sign In KS. FILE HOME Calibri De Paste BIU 11 Merchandising operations and the multi-step income statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW A A = A Alignment Number Conditional Format as Cell Cells Formatting Table Styles - Styles Clipboard Font 41 Net Sales 43 Gross Profit 44 Expenses: 48 Income from Operations 49 Other Expenses and Losses 54 3. Compute the gross profit percentage. 55 Note: Make sure to include * 700 at the end of your formula 56 in order to convert the decimal to a percentage. 57 Gross Profit Percentage percent - Sheet1 - 6 READY 1 100%