ACTG381Excel Homework #2 P&LWinter 2024Requirements: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 pointsThis 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 scoreon 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 F24 and the first line of data should be in row 28. The Earnings Per Share header should be in cell F49 with the first line of data in row 502) All expenses should be included as negative numbers3) Values included in financial statements have standard formatting requirements. Examples in your textbook and class follow the standard formatting (i.e., number of decimals, if a value is number or $ format). If you receive an error message about formatting, please refer to the "tip" provided rows 1 and 2 of the spreadsheet.4) 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 order5) All amounts should be included in column G6) Earnings Per Share should be taken to two decimal placesData Solution Nguyen Corp 12/31/2025 DebitCreditYear Ended 12/31/25 Common Dividends Paid$80,000 Cost of Goods Sold$1,050,000 Net Sales Revenue$2,070,000Dividend revenue$60,000Cost of Goods Sold Gain on Sale of Discontinued Operations$75,000Gross Margin Gain on Sale of Equipment$70,000Selling & Administrative Expenses Restructuring charge$10,000 Income from Operations Interest Expense$100,000 Other Revenues and Gains Loss on Discontinued Operations$200,000 Dividend Revenue 60,000.00Net Sales Revenue$2,070,000Gain on Sale of Equipment 70,000.00Preferred Dividends Paid$100,000 Other Expenses and Losses Selling & Admin Expense$540,000 Interest Expense Restructuring Charge Additional information: Income from Continuing Operations Before Taxes Tax rate20% Less Income Tax Expense Common Shares Outstanding 12/31/25 1,000,000 Income from Continuing Operations Preferred Shares Outstanding 12/31/25 800,000 Discontinued Operations Gain on Sale of Discontinued Operation 75,000.00Possible account titles and subtotal headings for the P&L Loss on Discontinued Operations (cell reference from here, some may be used more than once)Net tax benefit on disc operations Cost of Goods Sold Total Discontinued Operations After Tax Discontinued Operations Net Income Dividend Revenue Earnings per share Earnings per share Gain on Sale of Discontinued Operation Income from Continuing Operations Gain on Sale of Equipment Gain on Sale of Discontinued Operation Gross Margin Loss on Discontinued Operations Income from Continuing Operations Net tax benefit on disc operations Income from Continuing Operations Before Taxes Net Income Income from Operations
