Question

Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trail balance is for the year ended December 31, 20X1.

XU ? pl Merchandising operations and the multi-step income statement - Excel FORMULAS DATA REVIEW FILE HOME INSERT PAGE LAYOUT VIEW Sign In Calibri 11 AA Paste B IU- % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font A36 E F 4 A B с D 1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance 2 is for the year ended December 31, 20X1. 3 Account Titles Debits Credits 5 Cash $37,500 6 Accounts Receivable 28,600 7 Inventory 43,300 8 Prepaid Rent 2,000 9 Land 48,300 10 Accounts Payable 8,800 11 Notes Payable 20,000 12 Common Stock 75,000 13 Retained Earnings, January 1, 20X1 31,800 14 Sales Revenue 175,500 15 Sales Returns and Allowances 4,700 16 Sales Discounts 6,000 17 Cost of Goods Sold 67,700 18 Salaries and Wages Expense 25,900 19 Utility Expense 13,800 20 Rent Expense 24,000 21 Interest Expense 1,600 22 Income Tax Expense 7,700 23 Totals $311,100 $311,100 24 Sheet1 H.. +

Answer 1

Answer 1 2 3 below

	NOODLE UNLIMITED INC
	Income Statement [Partial]
	For the Year ended Dcember 31
	Particulars	Amount
	Sales	175500
	Sales Return	4700
	Sale Dicount	6000
	Net Sales	164800
	COGS	67700
	Gross margin	97100
	Expenses:
	salary And Wages	25900
	Utilities	13800
	Rent	24000
	Internet	1600
	Operating Profit	31800
	Incoem Tax Exp	7700
	Net Income	24100	Profit
			=IF(M20>0,"Profit","Loss")
	Gross margin %	55.33