Question

1. Prepare and analyzed merchandisers multi-step Income statement. ? X XHH FILE - HOME Merchandising operations and the multi-step income statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW - Sign In INSERT Paste B I U - - A - - Font Alignment Number - Editing Conditional Format as Cell Formatting Table Styles Styles Cells - Clipboard A37 Account Titles Credits Debits $37,500 28,6001 43,300 2,000 69,000 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital 15 Sales Revenue 16 Sales Returns and Allowances Sales Discounts 18 Cost of Goods Sold 19 Salaries and Wages Expense 20 Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals SIS $20,700 8,800 20,000 75,000 31,800 175,500 4.700 6,000 67,700 25,900 13,800 24,000 1.600 7,700 $331,800 $331,800 26 Required: 1 . Sheet1 ... 6 READY El -- + 100% Attempt(s) 2/3

Answer 1

NOODLES UNLIMITED Income Statement For the Year Ended December 31, 20x1 Sales Revenues $ 175,500 Less: Sales Returns and allowences $ 4,700 Sales discounts $ 6,000 Net Sales $ 164.800 Cost of Goods Sold $ 67,700 Gross Profit $ 97.100 Expenses:: Salaries and Wages Expense $ 25,900 Depreciation Expense $ 13.800 Rent Expense $ 24,000 Income from operations $ 33,400 Other Expenses and Losses Interest Expense $ 1,600 Loss on sale of equipment $ 7.700 Net income (Loss) $ 24,100 Gross Profit Percentage 58.92 Percent Working Notes: Gross Profit margin = Gross Profit net Sales = $97,100/$164.800 = 58.92%