Prepare and analyze a merchandiser's multi-step income statement.

all answers must be input as formulas

Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance is for the year ended December 31,201. \begin{tabular}{|r|c|c|c|} \hline & A & B & C \\ \hline 24 & Totals & $331,800 & $331,800 \\ \hline \end{tabular} 6 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. 33 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 58 READY Sheet1