Instructions I supplied you with the Excel file that you wil

Instructions: I supplied you with the Excel file that you will use to complete this part of the assignment. The Excel file contains the solution to the Adjusted Trial Balance. I pre-formatted most of the financial statements with the proper headings, descriptions, and formats. You should restore those formats if you accidentally remove them as you do your work. .Be sure to use Excel properly by linking financial statement amounts to the adjusted trial balance, supporting calculations, and the other financial statements. Use the video that is linked from Sakai as a guide to using Excel to prepare your statements. Your financial statements must include: a) Income Statement 50 points Prepare an Income Statement for the year ended December 31, 2017 in accordance with GAAP using a condensed multi-step format to present net earnings. . Present the supporting calculations requested in the Income Statement worksheet in the assignment\'s Excel file using the schedules with the proper headings provided.

Solution

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. 1. Schedule for Net Sales Sales Revenue 42925400 Less: Sales Return 132000 Net Sales 42793400 2. Schedule for Selling Expense Advertising Expense 1824000 Delivery Expense 563200 Promotion Expense 1240500 Sales Commission Expense 469200 Sales Salaries Expense 1958900 Warranty Expense 24900 Total 6080700 3. Schedule for General and Administrative Expense Administrative Selling Expense 3122700 Bad Debt Expense 151310 General Administrative Expense 3642100 Insurance Expense 59700 Misc and Repair Expense 274400 Office Supplies Expense 38600 Real Estate Expense 122500 Utilities Expense 293400 Total 7704710 4. Schedule for Depreciation and Amortization Amortization Expense 400000 Depreciation Expense 1270500 1670500 5. Schedule of Other Revenue Gain(loss) on Equipment 6000 Interest Revenue 17180 Rent Revenue 51100 74280 Net Income Statement Net Sales 42793400 Cost of Goods Sold 18113500 Gross Profit 24679900 Operating Expense: -Selling 6080700 -Admin 7704710 -Dep and Amortization 1670500 ---Total Operating Expense 15455910 Operating Profit 9223990 Non Operating Items: Interest Expense 732100 Other Revenue 74280 Earning before Taxes 8566170 Income Tax Expense 3220000 Net Earning 5346170 Comprehensive Income Statement Net Earning 5346170 Add: Other Comprehensive Income 43100 Total Comprehensive Income 5389270