4 $ 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 7 Equipment 4,800 8 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 13 Salaries Expense 6,882 14 Short-term Notes Payable 17,200 15 Test Prep Revenue 15,400 16 Tutoring Revenue 9,100 17 Unearned Revenue 1,046 18 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references to select account titles and amounts to be included on the income statement. 2 Note: List revenues and expenses in order of largest to smallest dollar amounts. 3 4 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or 5 "Net Loss" as appropriate based on the value calculated in cell C42. 26 READING READINESS, INC. Income Statement For the Month Ended January 31, 20X1 Revenues: Total Revenues Expenses: Total Expenses