Noodles Unlimited has provided you its adjusted trial balance as of December 31. The Controller has asked you to prepare and analyze a multi-step income statement. Here are some tips for using Excel: Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered "=85" into a blank cell, the formula would output the value from cell B5. Basic Math Functions: Allow you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract)." (asterisk sign to multiply), and / (forward slash to divide). For example, if you entered =B4+85" in a blank cell, the formula would add the values from those cells and output the result. SUM Function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered "SUM(C4,C5,C6)" into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered "SUMIC4:06)". the formula would output the same result of adding those cells. 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Open Excel in new tab B D E F G H Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance is for the year ended December 31. WN Credits Debits $37,500 28,600 43,300 2,000 69,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Long-term Notes Payable Common Stock Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Investment Totals $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 $331,800 $331,800 B D E F G H 26 Required: 27 1. Prepare a multi-step income statement that would be used for internal reporting purposes. 28 29 (Use cells A5 to C24 from the given information to complete this question. All formulas must return positive values.) 30 31 NOODLES UNLIMITED 32 Income Statement 33 For the Year Ended December 31 34 35 Less: 36 37 38 Net Sales 39 40 Gross Profit 41 Expenses: 42 43 44 45 Income from Operations 46 Other Expenses and Losses 47 48 49 50 51 2. Compute the gross profit percentage. 52 53 54 Gross Profit Percentage 55 56 57