Noodles Unlimited, Incorporated sells swimming pool toys. The following adjusted trial balance is for the year ended December 31.

Account Titles	Debits	Credits
Cash	$ 37,500
Accounts Receivable	28,600
Interest Receivable	2,000
Inventory	43,300
Prepaid Rent	2,000
Equipment	69,000
Accumulated Depreciation		$ 20,700
Accounts Payable		8,800
Notes Payable		20,000
Common Stock		75,000
Retained Earnings, January 1		31,800
Interest Revenue		2,000
Sales Revenue		175,500
Sales Returns and Allowances	4,700
Sales Discounts	6,000
Cost of Goods Sold	67,700
Salaries and Wages Expense	25,900
Depreciation Expense	13,800
Rent Expense	24,000
Interest Expense	1,600
Loss on Sale of Equipment	7,700
Totals	$ 333,800	$ 333,800

Average Common Shares Outstanding 50,000

Required:

1. Prepare a multi-step income statement that would be used for internal reporting purposes. When more than one correct account could appear in a cell, list items in order of largest to smallest dollar amounts. All numbers should appear as positive numbers.
2. Use the Excel IF function to label cell A56 as either "Net Income" or "Net Loss" as appropriate based on the value calculated in cell B56.

Here are some tips for using Excel:

• Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered =B5 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+B5 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 =SUM(C4:C6), the formula would output the same result of adding those cells.

Navigation:

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.

\begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ NOODLES UNLIMITED, INCORPORATED } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31} \\ \hline Net Revenue & $175,500 \\ \hline Cost of Goods Sold & 67,700 \\ \hline Gross Profit & 107,800 \\ \hline \multicolumn{2}{|l|}{ Expenses: } \\ \hline Salaries and Wages Expense & 25,900 \\ \hline Depreciation Expense & 13,800 \\ \hline Rent Expense & 24,000 \\ \hline Income from Operations & 44,100 \\ \hline \multicolumn{2}{|l|}{ Other Items: } \\ \hline Sales Discounts & 6,000 \\ \hline Interest Expense & 1,600 \\ \hline Income before Income Tax Expense & 36,500 \\ \hline Interest Expense & 6,000 \\ \hline Net Income & $7,600 \\ \hline EPS & $13,600.00 \\ \hline Gross Profit Percentage & 17894.7% \\ \hline \end{tabular}