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Preparing an Income Statement using Excel's SUM, Basic Math Functions and Cell Referencing Great Taste Restaurants, Inc. has provided a list of select accounts as of March 31, 2016. The Controller has asked you to prepare the company's Income statement at the month ended March 31, 2016. Use the information included in the Excel Simulation and the Excel functions described below to complete the task . Cell Reference Allows you to refer to data from another coll in the worksheet from the Excel Simulation below. Fin a blank call was entered the formula would output the result from cell C, or 35.000 in this example Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keysplus sign to add. m s sign to subtract. storisk sign to multiply and forward stash to divide). From the Excel Simulation below. Fina blank col-C3-C4 was entered the formula would add the values from those cells and outout the result or 100.000 in this example, using the other math symbols the result would output an appropriate answer for its function SUM uction Allows you to refer to multiple calls and adds at the values. You can add individual coreferences or ranges to this function. From the Excel Simulation below. Fin a blank cellSUMICO.CO.Ch" was entered the formula would output the result of adding those three separates of 198.000 in this example Salary in a blank cel"SUMCOCHwas entered the form would output the same result of adding those cells, except they are expressed as a range in the formule, and the result would be 198.000 in this example HOME INSINT PAGE LAYOUT FORMULAS DATA arview view The list below shows select accounts for Great Taste Restaurants The low shows select accounts for Great Taste Restaurants Inc. co March 31, 2016 3 . D Account 10,125 Wages Payable 25 Required: 26 Complete the income statement below using Excel skills as directed 27 Note that there are extra rows in each section of the income statement. Use cell references to list the revenue accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. Use a cell reference to show the Total Revenues in column C. Use cell references to list the operating expense accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. 18 d. Use the SUM function to show the Total Operating Expenses. Do NOT include blank cell locations in your SUM function. 41 Use a formula to calculate the Income from Operations. Use cell references to list the Other Items accounts on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. If a value should be a negative number, your cell reference should be preceded with a minus sign. ... Sheet ome statement with excel Saved Formula Bar Ruler Gridlines Headings Zoom Macros Warme Page Break Page Custom Preview Layout Views Workbook Views 100% Zoom to Window Selection Zoom She Macros X The list below shows select accounts for Great Taste Restaurants Inc. on March The list below shows select accounts for Great Taste Restaurants Inc. on March 31, 2016 Accumulated Depreciation Accounts Payable Advertising Expense Prepaid Advertising Common Stock Depreciation Expense Dividend Payable Dividends Income Tax Expense Income Tax Payable Interest Expense Interest Revenue Loss on Disposal of Assets Prepaid Rent Rent Expense Retained Earnings Sales Revenue Utilities Expense Utilities Payable Wage Expense Wages Payable 35.000 65.000 20.625 61.875 50.000 12,500 50.000 100,000 48,000 35.000 3.750 500 10.000 56,250 18,750 836,875 300.000 8.750 7.000 41.250 10.125 Sheet1 Workbook View Show Zoom Macros The list below shows select accounts for Great Taste Restaurants Inc. on March DBP Total Operating Expenses Income from Operations Other Items: Income before Income Taxes Net Income Sheets . READY Attempt(s) with excel Saved Workbook View Zoom fx The list below shows select accounts for Great Taste Restaurants Inc. on March For the month ended March 31, 2016 Total Revenues Operating Expenses: UEN $ 9 &&&82 83 Total Operating Expenses Income from Operations Other Items B Income before Income Taxes Sheet1 READY Attempts) Saved statement with excel Ruler Gridlines Formula Barq Headings Zoom Page Break Page Custom Preview Layout Views Workbook Views 100% Zoom to Window Macros Selection Zoom 1 X The list below shows select accounts for Great Taste Restaurants Inc. on March preceded with a minus sign Use a formula to calculate the Income before Income Taxes Use cell references to list the accounts that fall below the Income before Income Taxes line on the income statement using the account list above. Your accounts must be listed in order of highest value to lowest value. Use cell references to show the value of each account in column C. Use a formula to calculate the Net Income. T Great Taste Restaurants Inc Income Statement For the month ended March 31, 2016 8 Total Revenues Operating Expenses: 8 3 3 3 8 6 3 8 Sheet READY Attempt(s) 1 of 1 l Ned