Question
Cash 37500 Accounts Receivable 28600 Inventory 43300 Prepaid Rent 2000 Equipment 69000 Accumulated Depreciation 20700 Accounts Payable 8800 Unearned Fees 20000 Long Term Notes payable 75000 J Noodle Capitol 31800 Sales Revenue 175500 Sales Returns and allowances 4700 Sales Discounts 6000 Cost of Goods Sold 67700 Salaries and Wages expense 25900 Depreciation expense 13800 Rent Expense 24000 Interest Expense 1600 Loss on Sale of Equipment 7700 Totals 331800 331800 1. Prepare a multistep income statement that will be used for internal reporting purposes Note:When more than one correct account could appear in a cell, list items in order of Largest to smallest dollar amounts. Use cell referencing to select account titles and values. All numbers should appear as positive numbers. 2. After entering the formula in the cell B52 use the Excel IF function to label cell A52 as either income or net loss as appropriate based on the value calculated in cell B52. Noodles Unlimited Income statement For the Year Ended December 31 20X1 Less: Net Sales: Gross Profit Expenses: Income from Operations Other Expenses and Losses 3. Compute the Gross Profit Percentage. Note: Make sure to include *100 at the end of your formula In order to convert the decimal to a percentage Gross Profit Percentage Cash 37500 Accounts Receivable 28600 Inventory 43300 Prepaid Rent 2000 Equipment 69000 Accumulated Depreciation 20700 Accounts Payable 8800 Unearned Fees 20000 Long Term Notes payable 75000 J Noodle Capitol 31800 Sales Revenue 175500 Sales Returns and allowances 4700 Sales Discounts 6000 Cost of Goods Sold 67700 Salaries and Wages expense 25900 Depreciation expense 13800 Rent Expense 24000 Interest Expense 1600 Loss on Sale of Equipment 7700 Totals 331800 331800 1. Prepare a multistep income statement that will be used for internal reporting purposes Note:When more than one correct account could appear in a cell, list items in order of Largest to smallest dollar amounts. Use cell referencing to select account titles and values. All numbers should appear as positive numbers. 2. After entering the formula in the cell B52 use the Excel IF function to label cell A52 as either income or net loss as appropriate based on the value calculated in cell B52. Noodles Unlimited Income statement For the Year Ended December 31 20X1 Less: Net Sales: Gross Profit Expenses: Income from Operations Other Expenses and Losses 3. Compute the Gross Profit Percentage. Note: Make sure to include *100 at the end of your formula In order to convert the decimal to a percentage Gross Profit Percentage
Explanation / Answer
Noodles Unlimited Income Statement For the year ended December 31, 20X1 $ $ Sales revenue 175500 Sales return and allowances -4700 Sales discounts -6000 Net Sales 164800 Cost of goods sold 67700 Gross profit 97100 Expenses: Rent expenses 24000 Salaries and Wages expense 4700 Interest expense 1600 Depreciation expense 13800 Total expenses 44100 Income from operations 53000 Other expenses and losses Loss on sale of Equipment 7700 Total other income 7700 Net Income 45300 2) A52=IF(B52