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

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.

Requirements

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$.5,460$