IMPORTANT: Answer grading policy e For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 in OK Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance is for the year ended December 31. Credits Debits $37,500 28,600 43,300 2,000 69,000 $20,700 8,800 Account Titles Cash Accounts Receivable 7 Inventory 3 Prepaid Rent Equipment 0 Accumulated Depreciation 1 Accounts Payable 2 Unearned Fees 3 Long-term Notes Payable 4 Noodles, Capital 5 Sales Revenue 6 Sales Returns and Allowances 7 Sales Discounts 8 Cost of Goods Sold 9 Salaries and Wages Expense 0 Depreciation Expense 1 Rent Expense 2 Interest Expense 3 Loss on Sale of Equipment 4 Totals 5 6 Required: 20,000 75,000 31,800 175,500 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 $331,800 Required: 1. Prepare a multi-step income statement that would be used for internal reporting purposes. (Use cells A5 to C24 from the given information to complete this question. All formulas must return positive values.) NOODLES UNLIMITED Income Statement For the Year Ended December 31 Less: Net Sales Gross Profit Expenses: Income from Operations Other Expenses and Losses 2. Compute the gross profit percentage. Gross Profit Percentage