Excel #2: Multiple-Step Income Statement

NOTE: Each highlighted cell should contain a cell address or formula.

When adding a column of numbers, use the SUM function.

Follow general instructions given earlier.

NAME:

I. DATA

Administrative Expenses

$ 20,000

Cost of Goods Sold

385,000

Gain on Sale of Land

42,000

General Expenses

30,000

Income Tax Expense

30.0%

Net Sales

715,000

Selling Expenses

45,000

II. INCOME STATEMENT

BARKER'S BUSINESS

Income Statement

For the Year Ended December 31, 2022

Net Sales

Less: Cost of goods sold

Gross profit (A)

Administrative expenses

General expense

Selling expense

Total Operating expenses (B)

Income from operations

Add: Other Income (Note 1)

Income before income taxes

Less: income taxes (30%)

Net Income