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Preparing an Income Statement using Excel's SUM, Basic Math Functions and Cell Referencing Great Taste Restaurants, Inc. has provided a list of select accounts as of March 31, 2016. The Controller has asked you to prepare the company's Income statement at the month ended March 31, 2016. Use the information included in the Excel Simulation and the Excel functions described below to complete the task . Cell Reference Allows you to refer to data from another coll in the worksheet from the Excel Simulation below. Fin a blank call was entered the formula would output the result from cell C, or 35.000 in this example Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keysplus sign to add. m s sign to subtract. storisk sign to multiply and forward stash to divide). From the Excel Simulation below. Fina blank col-C3-C4 was entered the formula would add the values from those cells and outout the result or 100.000 in this example, using the other math symbols the result would output an appropriate answer for its function • SUM uction Allows you to refer to multiple calls and adds at the values. You can add individual coreferences or ranges to this function. From the Excel Simulation below. Fin a blank cellSUMICO.CO.Ch" was entered the formula would output the result of adding those three separates of 198.000 in this example Salary in a blank cel"SUMCOCHwas entered the form would output the same result of adding those cells, except they are expressed as a range in the formule, and the result would be 198.000 in this example HOME INSINT PAGE LAYOUT FORMULAS DATA arview view The list below shows select accounts for Great Taste Restaurants The low shows select accounts for Great Taste Restaurants Inc. co March 31, 2016 3 . D Account

Answer 1

39 Great Taste Restaurants Inc. 40 Income Statement For the month ended March 31,2016 41 42 Revenues Sales Reveue 43 300,000 Total Revenues 44 300,000 Operating Expenses; 45 46 Wages expense 41,250 Advertising expense 47 20,625 Rent expense 48 18,750 Depreciation expense 49 12,500 Utilities expense 50 8,750 Total Operating Expenses Income from Operations 101,875 51 198,125 52 Other item; 53 500 54 Interest Revenue Interest expense (3,750) 55 Loss on Disposal of Asset (10,000) 56 Income Before Income Tax 184,875 57 Income Tax expense 58 48,000 59 Net Income 136,875 60 61