Download the Excel File from the ‘Exercise Files’ tab, then enable editing. All cells highlighted yellow need to be filled in. 

1. On the first tab titled ‘IS Build’, recreate the income statement from scratch all the way from ‘Revenue’ to ‘Net Income to Common’.
2. On the second tab titled ‘IS Exercise’…
   1. 1. State the income statement line item (ie. SG&A, Impairment, Interest Expense, etc)
      2. Then classify each value (ie COGS, operating expense, non-operating expense, tax expense, etc). 
      3. Then fill in any missing amounts using the transaction descriptions. 
3. Complete the ‘Income Statement [Output]’ based on all the transactions that fit into the income statement. 

Note: We will review answers next class.