• Prepare an Income Statement, using the information provided below for XYZ Corporation.

• This assignment should be completed using Excel and submitted as an Excel file (not pdf) via Sakai. Formulas should be used in your Excel spreadsheet where appropriate (e.g., subtotals and totals). Please review Course Guidelines Excel Assignment Submissions for additional guidance.

• Pay attention to proper financial statement formatting (including number formatting, indentations, headings, etc.) as you learned in your introductory accounting course.

• This assignment may be completed individually or in teams of two or three students. Please provide only one submission per team. Reminder all students on a team receive the same assignment grade. Finally, to receive credit, each team members name must be included on the Excel submission.

Item Account / Line Item $ Amount 425,000 lol No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Total Current Assets Accounts Payable Gross Profit Total Current Liabilities Prepaid Expenses Marketing and Advertising Additional Paid-in Capital Operating Profit Net Property, Plant & Equipment Depreciation and Amortization Total Liabilities and Shareholders' Equity Treasury Stock Total Operating Expenses 600,000 1,600,000 2,300,000 490,000 225,000 (3,600,000) Cash 1,500,000 200,000 17 18 5,500,000 6,500,000 19 20 21 22 Interest Expense Total Liabilities Earnings Before Income Taxes Net Revenue Goodwill & Other Intangibles Net earnings Preferred Stock Accruals General and Administrative Costs Accounts Receivable Interest Income Cost of Goods Sold Retained Earnings 23 24 25 26 27 1,600,000 1,400,000 1,400,000 22,000 1,750,000 4,100,000 110,000 28 29 30 31 32 33 34 Total Assets Common Stock Total Non-Operating Expenses, net Income Tax Expense Inventories Long-Term Debt Total Shareholders' Equity 100,000 395,000 5,950,000