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

Required:

1. Prepare a multi step income statement that would be used for internal reporting purposes. Note: When more than one correct account could appear in a cell, list items in order of largest to smallest dollar amounts. Use cell referencing to select account titles and values. All numbers should appear as positive numbers.

2. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either

3. Compute the gross profit percentage.

Transcribed Image Text:

Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals Debits $37,500 28,600 43,300 2,000 69,000 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 Credits $20,700 8,800 20,000 75,000 31,800 175,500 $331,800 Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals Debits $37,500 28,600 43,300 2,000 69,000 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 Credits $20,700 8,800 20,000 75,000 31,800 175,500 $331,800

Answer rating: 100% (QA)

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