Comparative Income Statements Using Excel For this assignment, you will use your accounting knowledge and spreadsheet skills to prepare comparative multi-step income statements, including common-size information. This comprehensive problem is not a group assignment; you are to complete it without sharing your work with others inside or outside the course. Problem Information: The owners of Cyclepath Bicycle Store have asked you to prepare a comparative income statements for the fiscal years ended March 31, 2016, and 2017.

The owners would also like you to provide common-size information with the comparative

statements (vertical analysis) to aid their analysis. They have provided an alphabetical list of account names and balances for the store on the second page. All accounts have normal balances. Guidelines: 1. Use Excel to prepare a professional work product for the owners. Fit the financial information on one worksheet in print-ready form. 2. Refer to the format on the third page to prepare Cyclepaths income statements. Notice that it uses the multi-step format and includes columns for common-sizeinformation. Use the numbers provided as check figures. 3. Refer to chapter 4 of the Edmonds textbook if you are not sure what should be classified as Nonoperating Items. 4. List expense accounts separately and show expenses as negative numbers. 5. Provide common size information for all statement line items, not just subtotals and totals. 6. Format numbers as follows: Use commas Use brackets ( ) for negative numbers Use whole numbers (zero places behind the decimal point) Right align; do not center Use dollar signs ($) where appropriate on the financial statements Use two decimal places (e.g., 50.46 and 8.42) for the common size information Pay attention to the placement of underlines, both single and double, and centering of column headings 7. Make use of Excel formulas wherever possible. This assignment is worth 50 points, allocated as follows: Correct numbers for income statements 22 Correct common size percentages 8 Use of formulas 8 Professional appearance 12 50