Problem
Using Excel to Determine Statement of Income Amounts PROBLEM Coffee Corner has the following account balances: Cost of goods sold $385,000 Depreciation expense 13,200 Insurance expense 3,300 Interest expense 11,000 Interest revenue 8,800 Rent expense 44,000 Salaries expense 55,000 Sales 561,000 Sales discounts 5,500 Sales returns and allowances 16,500 Coffee Corner uses a multiple-step income statement. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or the work area as indicated. Calculate the following: (i) Net sales (ii) Gross profit (iii) Operating expenses (iv) Profit from operations (v) Profit.