this is the format for income statement

Accounting i Spreadsheet Assignman Name sheet Assignment Portion of In-Class Writing Activity Date COMPANY: TIME TO PLAY, INC. You are a member of top management of Time To Play In t er of modela planasThe firm anginally operated as a sole proprietorship, but recently changed to the corporate form in hopes of expanding operations by generating additional financing from the sale of common stock You and other top managers will be meeting next week with the firm's new Board of Directors to provide background information on the business and detail its profitability since its inception in 2017 You just got off the phone with the firm's o r che accountant), Randi Hunter, who was on her way to a hospital for treatment of her worsenina pneumonia Could you determine the profitability information for the Chief Executive Officer (CEO) Galen Carter, who will be making the presentation to the Board of Directors? Because you thoroughly enjoyed the accounting courses you took in college you remember much about profitability determination and feel confident in your ability to help out Because of competition, the company has had to drop selling prices. The selling price per unit was 56.85 in 2017. 5875 in 2015 and 56 70 in 2019. Then there is the issue of product costs versus period expenses There has not been much inflation the past few year so product costs as opposed to period expenses) have been stable Searching through files in Randi's office, you find that since 2017 Time To Play, Inc has had the following manufactured cost per unit for all three voor Direct Materials Per Unit 1 to Direct Labor Par Unit Overhead Applied Por Unit 2.35 Indition the firm incurred selling and administrative costs that are considered period expenses mencal data can be summarized as follows Selling and Bere Manufactured Units sold Units Endine Admin Expenses 118,000 18.000 $ 52,000 290,000 56.000 $106.800 320,000 1 14.000 $127.600 new comparation will have to pay income taxes on the income it The proponit was for those three years did not because sole proprietorship port the income on the personal tax returns) Finally, you remind yourself that to pent you w ave to com e difference between axed and unexpired costs REQUIRED Prepare a spreadsheet with appropriate INPUT and OUTPUT sections the a tes a number of units sold each year (for 2017, 2018, and 2019) formal multiple-step income statement for each year (be sure it also ated cost of goods sold section) and (c) calculate trend (or horizontal) of w in sales and in net income from the base year of 2017 cricket ENI0V 22:58 + AcctgliCase#1Spring 202... Example Multiple-Step Income Statement with detailed Cost of Goods Sold Section: PROCTER & GAMBLE CO Income Slalomeni For Year Ended June 30, 2019 Figures in Millions of Dollars 567.684 Sales Less Cost of Goods Sold: Beginning Finished Goods Inventory S 2,815 Plus Cost of Goods Manufactured 35,069 Equals Goods Available for Sale 537,084 Loss Ending Finished Goods Inventory 3,116 Equals Coat of Goods Sold Equals Gross Prolit Lesa Selling, General and Administrative Expenses Equals Oporaling Income Plus Other income Equals Net Income Before Income Taxes Loss Incorre Tax Experisc Equals Not Income 34.768 $32,916 27.429 S 5.487 582 S 6.069 2,103 $ 3,966 INOTE: If a firm does not have Income Taxes or Other Incornic,' the Income Statement would end with the figure Operating Income" In the above example. The label used for that it would then simply be "Net Income 0 0 0