Hi, in the F&MA 18th edition Comprehensive Problem 3, when I am looking at the solutions lets say to the part a and in the showing computations for Gross profit it says (C7-C8) or to compute Total Operation Expence it show SUM(C11:C16, what does letter "C" in stands for? Thank you.

Problem Mountain Sports, Inc. Mountain Sports, Inc., is a retailer that has engaged you to assist in the preparation of its financial statements at December 31, 2018. Following are the correct adjusted account balances, in alphabetical order, as of that date. Each balance is the "normal" balance for that account. (Hint: The "normal" balance is the same as the debitor credit side that increases the account.) Accounts payable $ 12,750 Accounts receivable 2,600 Accumulated depreciation office equipment 12,000 Additional paid in capital common stock 13,000 Bonds payable due December 31, 2021) 22,500 Cash 19,200 Common stock (1,800 shares. $10 par value) 18,000 Cost of goods sold 100,575 Deferred income taxes 5.750 Depreciation expense office equipment 2.750 Dividends declared.. 5,000 Income tax expense 8.190 Insurance expense 900 Land 39.500 Merchandise inventory.. 17.500 Notes payable (due December 31, 2019) 2.500 Office equipment 41.000 Orice supplies. 900 Office supplies expense. 520 Preferred stock (250 shares $20 par value) 5,000 Premium on bonds payable 1.750 Prepaid rent 1.800 Rent expense. 6.100 Retained earings January 2018 21.050 Salaries expense 88.095 Sales 226.000 Sales returns and allowances 2.500 Sales taxes payable 3.200 Treasury stock 200 common shares at cost) 2,250 Uites expense. 4,120 Instructions a. Prepare an income statement for the year ended December 31, 2018, which includes amounts for gross profit, income before income taxes, and net income. List expenses (other than cost of goods sold and income tax expense) in order, from the largest to the smallest dollar balance. You may ignore earnings per share. MacBook Air Step 3 of 10 Prepare the income statement of MSI Company for the year ended 31st December 2018 follows: A B 1 2 3 4 5 6 Income Statement of MSI Company for the year ended 31st December 2018 Particulars Amount Sales revenue 226000 Sales returns and allowances -2500 Net sales =SUM(C5:06) Cost of goods sold 100575 Gross profit -(C7-C8) 7 8 9 10 11 12 13 14 15 Salaries Rent expenses Utility expenses Depreciation expenses Insurance expenses Office supplies expenses Total operating expenses Income before income tax Income tax expense Net Icome 88095 6100 4120 2750 900 520 -SUM(C11:C16) -(C9-C17) 8190 -C18-C19 16 17 18 19 20 Comment MacBook Air Comment Step 4 of 10 A The result of the above table is as follows: Income Statement of MSI Company for the year ended 31st December 2018 Particulars Amount Sales revenue $226,000 Sales returns and allowances ($2,500) Net sales $223,500 Cost of goods sold $100,575 Gross profit $122,925 Salaries Rent expenses Utility expenses Depreciation expenses Insurance expenses Office supplies expenses Total operating expenses Income before income tax Income tax expense Net Icome $88,095 $6,100 $4,120 $2,750 $900 $520 $102,485 $20,440 $8,190 $12,250 Hence, the net income for the year ended 31st December 2018 are $12,250