Question

Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step income statement. ? X - Sign In FILE HOME Calibri BLU Paste Merchandising operations and the multi-step income statement - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11 AA = E -2 A Alignment Number Conditional Format as Cell Cells Formatting Table Styles Font Styles x for A Clipboard A1 is for the year ended December 31, 20X1. Credits Debits Debits $37,500 28,600 43,300 2,000 69,000 4 Account Titles 5 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees 13 Long-term Notes Payable 14 J. Noodle, Capital 15 Sales Revenue 16 Sales Returns and Allowances 17 Sales Discounts 18 Cost of Goods Sold 19 Salaries and Wages Expense 20 Depreciation Expense 21 Rent Expense 22 Interest Expense 23 Loss on Sale of Equipment 24 Totals - Sheet1 - 4 READY $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 S331.8001 S331.800 € E U - 100%

Answer 1

- c 35 Working Cell Reference A column A15 175,500 B Column C15 A16 A17 34 NOODLES UNLIMITED Income Statement 36 For the year ended Dec 31, 20X1 37 Sales Revenue $ 38 Less: 39 Sales Returns & allowance $ 40 Sales Discount $ 41 Net Sales $ 42 Cost of goods Sold $ 43 Gross Profit $ 44 Expenses: 45 Salaries & Wages Expenses $ 46 Depreciation Expense $ 47 Rent Expense $ 48 Income From Operation $ 49 Other Expenses & losses: 50 Interest Expense $ 51 Loss On Sale of Equipment $ 52 Net Income $ 4,700 6,000 164,800 67,700 97,100 B16 B17 B37-B39-B40 B18 B41-B42 25,900 13,800 24,000 33,400 A19 A20 A21 B19 B20 B21 B43-B45-B46-B47 A22 1,600 7,700 A23 24,100 IF(B52>0, "Net Income","Net Loss") B22 B23 B48-B50-B51 53 54 Cell reference is given in blue column use = sign before these to get the answer 55 3. Gross Profit % 56 57 Gross Profit Percentage 58 58.92 Percentage (B43/B41)*100