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Cash	37500
Accounts Receivable	28600
Inventory	43300
Prepaid Rent	2000
Equipment	69000
Accumulated Depreciation		20700
Accounts Payable		8800
Unearned Fees		20000
Long Term Notes payable		75000
J Noodle Capitol		31800
Sales Revenue		175500
Sales Returns and allowances	4700
Sales Discounts	6000
Cost of Goods Sold	67700
Salaries and Wages expense	25900
Depreciation expense	13800
Rent Expense	24000
Interest Expense	1600
Loss on Sale of Equipment	7700
Totals	331800	331800
1. Prepare a multistep income statement that will be used for internal reporting purposes
Note:When more than one correct account could appear in a cell, list items in order of
Largest to smallest dollar amounts. Use cell referencing to select account titles and values.
All numbers should appear as positive numbers.
2. After entering the formula in the cell B52 use the Excel
IF function to label cell A52 as either income or net loss as appropriate based on the value calculated in cell B52.
Noodles Unlimited Income statement
For the Year Ended December 31 20X1
Less:
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 convert the decimal to a percentage
Gross Profit Percentage

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