Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance is for the year ended December 31, 20X1, Account Titles Cash Debits $37,500 28,600 43,300 2,000 69,000 Credits Accounts Receivable Inventory Prepaid Rent Equipment D Accumulated Depreciation Accounts Payable 2 Notes Payable 3 Common Stock 4Retained Earnings, January 1, 20X1 5 Sales Revenue 6 Sales Returns and Allowances 7 Sales Discounts 8 Cost of Goods Sold 9 Salaries and Wages Expense 0Depreciation Expense Rent Expense 2 Interest Expense 3 Income Tax Expense -4 $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 Totals $331,800 Cheet 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 dollar amounts. Use cell referencing to select account titles and values. All numbers should appear as positive numbers. 2. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B52. NOODLES UNLIMITED, INC. Income Statement For the Year Ended December 31, 20X1 Sales Revenue Less: $175.500 Net Sales Cost of Goods Sold Gross Profit - Expenses: 5 Salaries and Wages Expense 5 Rent Expense 67,700 25,900 24,000 B Income from Operations Interest Expense 1,600 B. Net Sales Cost of Goods Sold Gross Profit Expenses: Salaries and Wages Expense -Rent Expense 67,700 25,900 24,000 s Income from Operations P Interest Expense Income before Income Tax Expense 1,600 43. Compute the gross profit percentage. S Note: Make sure to include *100 at the end of your formula 6 in order to convert the decimal to a percentage. 7 Gross Profit Percentage percent