Question

$175,500 6,000 4.700 32 33. NOODLES UNLIMITED, INC. Income Statement For the Year Ended December 31, 20 Sales Revenue 37 Less: 38 Sales Discount Sales Returns and Allowances 40 Net Sales 41 Cost of Goods Sold 42 Gross Margin 43 Expenses: 44 Salaries and Wages Expense 45 Rent Expense 46 Utility Expense 47 Income from Operations 48 Interest Expense 49 Income before Income Tax Expense Income Tax Expense 164,800 67,700 97,100 25,900 24,000 13,800 33,400 1,600 31,800 7,700

Answer 1

A51 % @ fx =IF(B51>0,"Net Income", "Net Loss") B 32 33 NOODLES UNLIMITED, INC. 34 Income Statement 35 For the Year Ended December 31, 20X1 36 Sales Revenue 175500 37 Less: 38 Sales Discount 6000 39 Sales Returns and Allowances 4700 40 Net Sales 164800 41 Cost of Goods Sold 67700 42 Gross Margin 97100 43 Expenses: 44 Salaries and Wages Expense 25900 45 Rent Expense 24000 46 Utility Expense 13800 47 Income from Operations 33400 48 Interest Expense 1600 49 Income before Income Tax Expense 31800 50 Income Tax Expense 7700 51 Net Income 24100 52

As the resulting figure at the last is positive, therefore, it will be Net Income.
IF formula used has been shown in the formula bar. The condition used is - " B51>0 ", this if true will show "Net income" otherwise "Net Loss".