FILEPasteClipboardA1BaG7HOMErCalibriBAccount TitlesCash4READYIUVINSERTAccounts ReceivableInventoryPrepaid Rent69Equipment10 Accumulated Depreciation11 Accounts Payable12Unearned Fees13 Long-term Notes Payable14 J. Noodle, CapitalYFont15 Sales Revenue16 Sales Returns and Allowances17 Sales Discounts18 Cost of Goods Sold19 Salaries and Wages Expense20 Depreciation Expense21 Rent Expense2211Merchandising operations and the multi-step income statement - ExcelPAGE LAYOUTDATAVIEWAC1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance2s for the year ended December 31, 20x1.3415wwwA APyFORMULASE%Alignment NumberDebitsConditional Format asCellFormatting Table Styles-Stylesut fix Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial537,50028,60043,3002,00069,0004,7006,00067,70025,90013,80024,000CreditsInterest Expense23 Loss on Sale of Equipment24Totals2526 tequired:27 Prepare a multisteo income statement that would be used for internal reporting purposes.▶Sheet11,6007,700$331,800REVIEW$20,7008,80020,00075,00031,800175,500$331,800DCells[3]?EEditingSign InF+ 60% A1242428SFORMIDABBZS4=225S41 Net SalesA26 Required:27 1. Prepare a multistep income statement that would be used for internal reporting purposes.28 Note: When more than one correct account could appear in a cell, list items in order of largest to29 smallest dollar amounts. Use cell referencing to select account titles and values.NOODLES UNLIMITEDIncome StatementFor the Year Ended December 31, 200143 Gross Proalit30 All numbers should appear as positive numbers.312. After entering the formula in cell B52, use the Excel IF function to label cell A52 as either"Net Income" or "Net Loss" as appropriate based on the value calculated in cell B852.3244 Experses:43 Income from Operations49 Other Expenses and LossesNoodles Unlimited, Inc. sells swimming pool toys. The follc▶B54 3. Compute the gross profit percentage.155 Nate Makes me in include 100ettheendalous formulaSheet1..CD

An income statement, also known as a profit and loss statement, summarizes a company's revenues,…

Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals Debits 537,500 28,600 43,300 69,000 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 P Credits $20,700 8,800 20,000 75,000 31,800 175,500 $331,800

Account Titles Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Unearned Fees Long-term Notes Payable J. Noodle, Capital Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Rent Expense Interest Expense Loss on Sale of Equipment Totals Debits 537,500 28,600 43,300 69,000 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 $331,800 P Credits $20,700 8,800 20,000 75,000 31,800 175,500 $331,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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