This computer project involves the calculation of various items associated with the Income Statement. A spreadsheet is to be designed to accept input in one section, and then produce output in another section. However, the output section should be constructed such that any change to the input will result in the output being recomputed.

INSTRUCTIONS:

1. Prepare a data input section in the exact order as given below. Naming of the input 'sheet' should be "INPUT". Do NOT cellprotect the numeric data of this section, as you must allow for the possibility of change to this information. Use the amounts given as a test of your output. Enter Pct as the %, not decimal (80% entered as 80, not 0.80). Your input should be placed in the following rows/columns (the heading "INPUT SECTION" should be centered over all columns to which it relates):

2) Prepare an output section that produces the following items: 1) "COGS Schedule", and 2) "Income Statement". The reporting period is for the calendar year of 2021. The output items should be placed on a separate 'sheet' (the heading "OUTPUT SECTION" should be centered over all columns to which it relates: [A1..G1]). Naming of the output 'sheet' should be "OUTPUT". No number (dollar amount, shares, or percentage) or company name (the company name should be shown in a "script" font) should be typed (hard coded) directly into any cell in the output section, as this would prevent your output from being correct when the input is changed. Instead, the output section must reference the appropriate amounts (shares, dollars, and percents) and name from the input and/or output sections. Your output should be placed in the following spreadsheet rows/columns, using the color scheme as shown, where $$$ represent dollar amount:

Do NOT cellprotect any portion of the output section. Use good form with respect to the creation of the output. This includes heading rules; appearance; alignment; proper use of commas, rulings, $; etc. All dollar amounts should be ROUNDED to the nearest dollar (see note below) and FORMATTED to show whole dollars only (no cents). Exception is for EPS in cell [G20], which should be ROUNDED to nearest tenth of a cent: ($$$.$$$). COGS should be computed one time, in cell [C18], and then transferred to cell [G11]. The caption "Other Income", which includes other revenues/expenses/gains/losses, could be a net positive or negative, and thus should be shown as such.

A schedule's and statement's "HEADING" should be centered over all columns in the output for which it relates, and shown in BOLD, ITALICS, and in RED; both the Names and amounts ($$$) that are taken from the input section should be shown in BOLD, ITALICS, and in BLUE. The captions "Add:" and "Less:" should be shown in BOLD, ITALICS, and in RED, with the amounts associated with the caption "Less:" shown as positive numbers, and then subtracted. (see above)

All labels in columns "A" and column "E" are to be left-aligned, except for the descriptions shown "indented". The amounts shown in columns "B", "C", "F", and "G" are to be right-aligned. The "Headings" [A3..C5] and [E3..G5] should all be centered.

No item should be shown on the speadsheet in a "box" (no grid lines).

A B 1 ... INPUT SECTION ... N 3 Item Name 4 Company Name Triple Crown, Inc. 5 6 Item Amount ($) 7 Purchases Adjustments $36,600 8 Cost of Goods Available $316,500 9 Change in Inventory (+/-) - $16,400 10 Operating Income $256,800 11 Tax $46,900 12 13 Item Amount (%) 14 Net Purchases as a % of Purchases 85.0 15 Cost of Goods Sold as a % of Inventory, 12/31/21 275.0 16 Sales Adjustments as a % of Inventory, 1/1/21 12.5 17 Gross Profit as a % of Net Sales 75.0 18 Tax Rate 20.0 19 Preferred Stock Dividends as a % of Net Income 5.0 20 21 Item Amount (shares) 22 Weighted Average Common Shares Outstanding 96,100 A B D E F G 1 ... OUTPUT SECTION ... 2 Put Put "Heading" "Heading" Here Here 7 Inventory, 1/1/21 $$$,$$$.$$$ Sales $$$.$$$.$$$ 8 Purchases $$$.$$$.$$$ Less: 9 Less: Sales Adjustments $$$.$$$.$$$ 10 Purchases Adjustments $$$,$$$,$$$ Net Sales $$$,$$$,$$$ 11 Net Purchases $$$,$$$.$$$ COGS $$$,$$$.$$$ 12 Add: Gross Profit $$$,$$$.$$$ 13 Freight-In $$$.$$$.$$$ Operating Expenses $$$,$$$.$$$ 14 COGPurchased $$$.$$$,$$$ Operating Income $$$,$$$,$$$ 15 COGAvailable $$$,$$$,$$$ Other Income $$$.$$$.$$$ 16 Less: Income Before Tax $$$.$$$.$$$ 17 Inventory, 12/31/21 $$$,$$$.$$$ Tax $$$,$$$,SSS 18 COGS $$$.$$$.$$$ Net Income $$$.$$$.$$$ 19 20 EPS: $$$.$$$ A B 1 ... INPUT SECTION ... N 3 Item Name 4 Company Name Triple Crown, Inc. 5 6 Item Amount ($) 7 Purchases Adjustments $36,600 8 Cost of Goods Available $316,500 9 Change in Inventory (+/-) - $16,400 10 Operating Income $256,800 11 Tax $46,900 12 13 Item Amount (%) 14 Net Purchases as a % of Purchases 85.0 15 Cost of Goods Sold as a % of Inventory, 12/31/21 275.0 16 Sales Adjustments as a % of Inventory, 1/1/21 12.5 17 Gross Profit as a % of Net Sales 75.0 18 Tax Rate 20.0 19 Preferred Stock Dividends as a % of Net Income 5.0 20 21 Item Amount (shares) 22 Weighted Average Common Shares Outstanding 96,100 A B D E F G 1 ... OUTPUT SECTION ... 2 Put Put "Heading" "Heading" Here Here 7 Inventory, 1/1/21 $$$,$$$.$$$ Sales $$$.$$$.$$$ 8 Purchases $$$.$$$.$$$ Less: 9 Less: Sales Adjustments $$$.$$$.$$$ 10 Purchases Adjustments $$$,$$$,$$$ Net Sales $$$,$$$,$$$ 11 Net Purchases $$$,$$$.$$$ COGS $$$,$$$.$$$ 12 Add: Gross Profit $$$,$$$.$$$ 13 Freight-In $$$.$$$.$$$ Operating Expenses $$$,$$$.$$$ 14 COGPurchased $$$.$$$,$$$ Operating Income $$$,$$$,$$$ 15 COGAvailable $$$,$$$,$$$ Other Income $$$.$$$.$$$ 16 Less: Income Before Tax $$$.$$$.$$$ 17 Inventory, 12/31/21 $$$,$$$.$$$ Tax $$$,$$$,SSS 18 COGS $$$.$$$.$$$ Net Income $$$.$$$.$$$ 19 20 EPS: $$$.$$$