Prepare a multi$-$step income statement based on the adjusted trial balance.

$($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

COUGAR MOUNTAIN SPORTS

Income Statement

Year Ended June $30,2024$

Operating Expenses:

Selling Expenses:

Total Selling Expenses

Administrative Expenses:

Total Administrative Expense

Total Operating Expenses

Operating Income

Other Income and $($Expenses$)$

Total Other Income and $($Expenses$)$

Income Before Income Tax Expense

GROSS PROFIT MARGIN PERCENTAGE

Compute the gross profit margin percentage. Format percentages to two decimal places $($e$.$g$.22\mathrm{.}74\%).$

$($Always use cell references and formulas where appropriate to receive full credit.$)$

$\%$ of Sales Revenue

Gross Profit Margin Percentage

HINTS

Cell $/$ Hint:

Formulas $|$ Begin the formulas with an equals sign $(=),$ click on the balance in the adjusted trial balance worksheet, and press the enter key.

Interest Expense $/$ Enter interest expense with a minus sign $(-)$

E$33$ Use the function $=$ SUM to add up the Other Income and Expenses