Question: need complete solution on excel with formulas 2. Using the accounts below, prepare a basic Income Statement. All accounts will be used once; refer to
need complete solution on excel with formulas

2. Using the accounts below, prepare a basic Income Statement. All accounts will be used once; refer to the 2-Yr Example F/S in Canvas for examples. \begin{tabular}{|l|} \hline Cost of Goods Sol \\ \hline General \& Adminir \\ \hline Interest Expense \\ \hline Net Sales Revenue \\ \hline Selling Expense \\ \hline Wages Expense \\ \hline \end{tabular} Fill in the missing blanks to complete the Income Statement. \begin{tabular}{|l|lc|} \hline 7 & Sales Revenues & \multicolumn{2}{c|}{??} \\ \hline Cost of Goods Sold & $ & (750,000) \\ \hline Gross Margin & $ & 250,000 \\ General \& Admin. Expenses & $(125,000) \\ \hline Operating Income & ?? \\ \hline Interest Expense & $? \\ \hline Income before Taxes & $75,000 \\ Income Tax Expense & $(25,000) \\ Net Income & ?? \\ \hline \end{tabular}
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