Formula: Add, Subtract, Cell Referencing

Using Excel to Determine Statement of Income Amounts

PROBLEM

Coffee Corner has the following account halances:

$\backslash$table$[[$Cost of goods sold,$385,000],[$Depreciation expense,$13\mathrm{.}200],[$Insurance expense,$3\mathrm{.}300],[$Interest expense,$11,000],[$Interest revenue,$8,800],[$Rent expense,$44,000],[$Salaries expense,$55,000],[$Sales$,561,000],[$Sales discounts,$5,500],[$Sales returns and allowances,$16,500]]$

Coffee Corner uses a multinle$-$sten income statement.

Student Work Area

Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or the work$\_$area$\_$as indicated

Calculate the following:

$($a$)$ Net sales

$($b$)$ Gross profit

$($c$)$ Operating expenses

$($d$)$ Profit from oberations

$($e$)$ Profit