Preparing multistep income statement and calculating profit percentage.Assume that you have been hired by Big Sky corporation as a summer intern . The company is in the process of preparing their annual financial statement. To help this process , you are asked to prepare an income statement for internal reporting purposes and an income statement for external reporting purposes. Your boss has also requested that you determine the company's gross profit percentage based on statement that you are to prepare. The following adjusted trial balance was created from the general ledger accounts on May 31,2010.
- Accounts titel Debit credit
- cash 57000
- account receivable 67000
- inventory 103000
- property and equipment 252000
- Accumulated depreciation 103000
- liabilities 75000
- Owner's equity,june 1,2009 265900
- sales revenue 369000
- sales returns and allowances 9500
- sales discounts 14000
- cost of goods sold 248000
- selling expenses 19000
- Administrative expense 23000
- General expenses 5000
- income tax expense 15400
- Totals $812900 $812900
your boss wants you to create the spreadsheet in a way that automatically recalculates net sales and any other related amounts whenever changes are made to the contra-revenue accounts. To do this, you know that you will have to use formulas throughout the worksheets and even import or link cells from one worksheet to another.