1. Prepare an income statement from a list of accounts Preparing an income statement. Eace FORMULAS REVIEW 7 D HOME INSERT PAGE LAYOUT DATA VIEW Sign In C -A E- Paste BIU 96 Alignment Number Conditional Format as Cel Ceils Editing Formatting Table Styles Styles The list below shows select accounts for Reading Readiness, Inc. as of January 31, God Font Al E F B D 1 The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. 2 Accounts are in alphabetical order. 3 Accounts Payable $ 8,088 5 Accounts Receivable 6,960 6 Cash 13,445 Equipment 4,800 Income Tax Expense 1,350 9 Operating Expense 11,800 10 Other Expenses 3,482 11 Other Revenues 6,050 12 Rent Expense 4,800 Salaries Expense 6,882 Short-term Notes Payable 17,200 15 Test Prep Revenue 15,400 16 Tutoring Revenue 9,100 Unearned Revenue 1,046 18 19 Required: 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 21 to select account titles and amounts to be included on the income statement. 22 Note: List revenues and expenses in order of largest to smallest dollar amounts. 23 24 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income or Preparing an income statemente FORMULAS DATA REVIEW HOME INSERT PAGE LAYOUT VIEW -A BIU Algnment Number Conditional Formatas Cell Formatting Table Styles Cels Editing Al The list below shows select accounts for Reading Readiness, Inc. as of Janu D F E 13 Required * 1. Prepare an income Statement for the month ended January 31, 20X1. Use cell references 21 to select countries and amounts to be included on the income statement. Note: tenues and expenses in order of largest to smallest dollar amounts. 34 2. Aber entering the formance 42, use the Excel IF function to label cell B42 as either "Net Income" or 15 Nelosas appropriate based on the value calculated in cell C42. Enord lanuary 31, 2011