Merchandising Operations

Using Excel to prepare a multi$-$step Income Statement

Cougar Mountain Sports has prepared an adjusted trial balance for the fiscal year ended June $30,2024.$ Notes to the adjusted trial balance are located below the totals. Use the blue shaded areas on the ENTER$-$ANSWERS tab for inputs.

Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instruction or AdjustedTrialBalance tabs you will be marked wrong.

$\backslash$table$[[$Requirements$],[1.$ Use Excel to prepare a multi$-$step income statement based on the adjusted trial balance.$],[$a$.$ Use formulas to link the balances on the adjusted trial balance to the amounts on the income statement. Note that$],[$some balances are split between two different areas of the Income Statement. For example, the Rent Expense is$],[$divided into two categories$-$Selling and Administrative.$],[$b$.$ Use a formula to add and subtract account amounts as indicated.$],[$c$.$ Indent in the income statement as needed.$],[$d$.$ Format the numbers in the dollar columns with a comma and no decimal places $($e$.$g$.5,460).$ Use a dollar sign at the$],[$top of each column and at the total $($e$.$g$.$ $$26,201.],[$e$.$ Double$-$underline the total.$],[$f$.$ Check your spelling carefully and do not abbreviate.$],[$g$.$ Use a minus sign to enter any "Other Expenses".$]]$

h$.$ Enter all amounts $($except for "Other Expenses"$)$ as positive values. Do not use a minus sign or parentheses for any values to be subtracted $($except for "Other Expenses"$).$