Question: Complete the Income Statement tab. Need help with this page. All yellow cells should be linked to the Adjusted trial balance tab. All blue cells

Complete the Income Statement tab. Need help with this page.
All yellow cells should be linked to the Adjusted trial balance tab.
All blue cells should be calculated using Excel formulas.
Cell A16(orange) should be completed using the IF function in Excel. You will want this cell to say Net income or Net loss depending on what you calculate in cell B16.
All cells with numbers should be formatted so that there are no decimal places and the comma separator is used.
The top line and bottom line of the income statement should be formatted with $ signs (do NOT type the $ signs, this is formatting)
In column E, there are three green cells (E7, E14, and E16). Each of these cells should be used to calculate the ratio of this line item to sales revenue. You should enter a formula that calculates the line item divided by sales revenue. The format of these three green cells should be as a percentage with two decimal places (such as 44.32%). Do NOT TYPE the % sign, use the format cell.\table[[,A,B,c,D,E],[1,,,Zach's Company,],[2,,,Adjusted Trial Balance,],[3,,,December 31,2,],[4,,,,,],[5,,,Debit,Credit,],[6,Cash,,$5,500.00,,],[7,Prepaid insurance,$1,400.00,,],[8,Accounts receivable,$12,000.00,,],[9,Land,,$47,000.00,,],[10,Buildings,,$234,500.00,,],[11,Equipment,,$23,600.00,,],[12,Accumulated depreciation,,$31,000.00,],[13,Accounts payable,,$9,800.00,],[14,Salaries payable,,$5,200.00,],[15,Unearned service revenue,,$3,700.00,],[16,Long-term note payable,,$176,000.00,],[17,Retained earnings,,$34,800.00,],[18,Common Stock,,,$30,000.00,],[19,Dividends,,$9,000.00,,],[20,Sales revenue,,,$300,000.00,],[21,Cost of goods sold,$125,000.00,,],[22,Salaries expense,$90,000.00,,],[23,Insurance expense,$4,500.00,,],[24,Advertising expense,$1,800.00,,],[25,Depreciation expense,$7,400.00,,],[26,Income tax expense,$28,500.00,,],[27,,,$590,500.00,590500,],[28,,,,,]]
 Complete the Income Statement tab. Need help with this page. All

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!