50.1K

Verified Solution

Link Copied!

Requirements: $1)$ Using the data below, create a multi$-$step GAAP Income Statement in appropriate professional Excel format $($i$.$e$.,$ use cell referencing and formulas, no hard coding numbers$).2)$ All account titles and subtotals should be added using cell referencing.$$ Grading: $10$ possible points This spreadsheet contains macros which will provide real time feedback on EACH cell that you enter in the Solution.$$ There are $51$ cells which get graded, and your score on this assignment will be calculated based upon the $\%$ of the $51$ cells that are completed correctly. Tips: $1)$ The P&L header should start in cell F$23$ and the first line of data should be in row $27.$ The Earnings Per Share header should be in cell F$48$ with the first line of data in row $492)$ All expenses should be reported as negative numbers $3)$ If there is more than one line item in a category in the P&L where there is flexibility in the order, list the line items in alphabetical order $4)$ All$$ labels should be included in column F and all amounts should be included in column G $5)$ Earnings Per Share should be taken to two decimal places. The first and last numbers in the P&L should be formatted as dollar amounts, all other rows should have comma formatting. Data $$ Solution $$ Nguyen Corp $12/31/2025$ Debit Credit $$ Common Dividends Paid $$80,000$ Cost of Goods Sold $900,000$ Dividend revenue $60,000$ Gain on Sale of Discontinued Operations $200,000$ Gain on Sale of Equipment $70,000$ Restructuring charge $10,000$ Interest Expense $100,000$ Loss on Discontinued Operations $75,000$ Net Sales Revenue $1,870,000$ Preferred Dividends Paid $100,000$ Selling & Administrative Expenses $$540,000$ Additional information: $$ Tax rate $20\%$ Common Shares Outstanding $12/31/251,000,000$ Preferred Shares Outstanding $12/31/25800,000$ Possible account titles and subtotal headings for the P&L$($cell reference from here, some may be used more than once$)$ Cost of Goods Sold $$ Discontinued Operations $$ Dividend Revenue $$ Earnings per share $$ Gain on Sale of Discontinued Operation$$ Gain on Sale of Equipment $$ Gross Margin $$ Income from Continuing Operations$$ Income from Continuing Operations Before Taxes $$ Income from Operations $$ Income Statement $$ Interest Expense $$ Less Income Tax Expense $$ Loss on Discontinued Operations$$ Net Income $$ Net Sales Revenue $$ Net tax expense on disc operations $$ Nguyen Corp $$ Other Expenses and Losses $$ Other Revenues and Gains $$ Restructuring Charge $$ Selling & Administrative Expenses $$ Total Discontinued Operations After Tax $$ Year Ended $12/31/25$

Answer & Explanation Solved by verified expert

See Answer