Noodles Unlimited, Inc sells swimming pool toys. The following adjusted trial balance is for the year ended December 31, 20X1.
**Answers must be entered with formula. For example the answer for A37 was =A15 for Sales Revenue and =C15 for $175,500. PLEASE PROVIDE STEP BY STEP INSTRUCTIONS WITH FORMULA ANSWERS***
FILE DATA REVIEW VIEW Sign In * HOME Calibri B I INSERTPAGE LAYOUT FORMULAS |11 A A = % U , PP - A Alignment Number z # Paste Cells Editing Conditional Format as Cell Formatting* Table Styles Styles Clipboard Font A1 X fac Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial 1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance 2 is for the year ended December 31, 20X1. Credits Debits $37,500 28,600 43,300 2,000 69,000 10 Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable 14 J. Noodle, Capital Sales Revenue Sales Returns and Allowances Sales Discounts 18 Cost of Goods Sold Salaries and Wages Expense Depreciation Expense 21 Rent Expense 22 Interest Expense 23 Loss on Sale of Equipment 24 Totals Sheet1 ... + $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 $331.8001 $331.8001 READY O 0 -- + 100% FILE Sign In in HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri -111 A A B IU - A Alignment Number Conditional Format as Cell Formatting Table Styles Font Styles % M D Cells Editing Clipboard A1 X for Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial 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 Sales Revenue $175,500 Less: 41 Net Sales 43 Gross Profit SUSS Pront Expenses: 48 Income from Operations 49 Other Expenses and Losses ... Sheet1 ... + READY M U -- + 100% ? X KUSSE FILE HOMEINSERT Merchandising operations and the multi-step income statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW - Sign In X Calibri -111 A A % O D * Paste B IU- 2 - -AAlignment Number - Conditional Format as Cell Formatting Table Styles Styles Cells - Clipboard Font A1 X fac Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial 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 *100 at the end of your formula 56 in order to convert the decimal to a percentage. 57 Gross Profit Percentage percent
