Preparing a Merchandising Multi-Step Income Statement Noodles Unlimited, Incorporated sells swimming pool toys. The following adjusted trial balance is for the year ended December 31. 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. Gross Profit Percentage