account 2301

Step

Instructions

Points Possible

Download and open the excel spreadsheet, Miller-Nobles_7e-Using_Excel_ChF5_Solution.xlsx. This spreadsheet includes

3

tabs; you will enter all answers on the third tab, ENTERANSWERS.
(All answers should be entered in the blue highlighted cells.)

Cougar Mountain Sports has prepared an adjusted trial balance for the fiscal year ended June 30, 202

4

. Notes to the adjusted trial balance are located below the totals. Use the blue shaded areas on the Income Statement worksheet for inputs.
Prepare a multi-step income statement based on the adjusted trial balance. (

44

pts)
a. Use a formula to link the balance on the adjusted trial balance to the amount on the income statement. Note that some balances are split between two different areas of the Income Statement. For example, the Rent Expense is divided into two categories—Selling and Administrative.
b. Use a formula to add and subtract account amounts as indicated.
c. Indent in the income statement as needed.
d. Format the numbers in the dollar columns with a comma and no decimal places (e.g. 5,460). Use a dollar sign at the top of each column and at the total (e.g. $26,201).
e. Double-underline the total.
f. Check your spelling carefully and do not abbreviate.
g. Use a minus sign to enter any “Other Expenses”.
h. Enter all amounts (except for “Other Expenses”) as positive values. Do not use a minus sign or parentheses for any values to be subtracted (except for “Other Expenses”).
(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction or AdjustedTrialBalance tabs you will be marked wrong.)

Compute the gross profit margin percentage. Format percentages to two decimal places, e.g. 22.74%. (1 pt)
(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction or AdjustedTrialBalance tabs you will be marked wrong.)

Once completed, save the project to the desktop. File name can be anything, but DO NOT include spaces. Return to auto-graded excel activity window, and progress to Step 3. Follow on screen instructions.
(To review score, navigate to Results in the MyLab and click on Review link.)

Total Points

45