Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial b

Question

Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance is for the year ended December 31, 20X1 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 Debits Credits 537,500 28,600 43,300 2,000 59,000 20,700 8,800 20,000 75,000 31,800 175,500 4,700 6,000 67,700 25,900 13,800 24,000 1,600 7,700 Totals 331,800 331,800 Required: 1. Prepare a multistep income statement that would be used for internal reporting purposes Note: When more than one correct account could oappear in a cell, list items in order of largest to smollest dollar amounts. Use cell referencing to select occount titles and values. l numbers should appear os positive numbers. 2. 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 B52 Income Statement Net Sales Gross Profit Expenses Income from Operations Other Expenses and Losses 3. Compute the gross profit percentage Note: Make sure to include "100 at the end of your formula in order to covert the decimol to a percentage Gross Profit Percentage percent

Explanation / Answer

NOODLES UNLIMITED INCOME STATEMENT AMOUNT AMOUNT Sales $            1,75,500 Less: Sales Return and allowance $                  4,700 Les: Sales Discounts $                  6,000 Net Sales $                          1,64,800 Less: Cost of Goods Sold $                              67,700 Gross Profit $                              97,100 Expenses: Salary and Wages Expenses $                25,900 Depreciation Expenses $                13,800 Rent Expenses $                24,000 Interest Expenses $                  1,600 $                              65,300 Income from operation $                              31,800 Other Expenses and losses Loss on sale of Equipment $                                7,700 Net Income $                              24,100 Gross Profit Percentage = Gross Profit = $                97,100 Divide By "/"By Net Sales $            1,64,800                    0.5892 Multiply By 100 X 100 Gross Profit Percentage =                       58.92

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