Merchandising operations and the multi-step income statement Prepare and analyze a merchandiser's multi-step income statement. this is an excel simulation c D ilance Required: 1. Prepare a multistep income statement that would be used for internal reporting purposes. Note: When more than one correct account could appear in a cell, list items in order of largest to smallest doliar amounts. Use cell referencing to select occount titles and volues. All numbers should appear as positive numbers. 2. After entering the formula in cell 852 , use the Excel IF function to label cell A52 as elther "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B52