El 5 K. Preparing an Income statement - Excel FORMULAS DATA REVIEW PAGE LAYOUT VIEW FILE INSERT Sign In HOME X Calibri - 11 -AA %6 Cells Paste BLU- A Alignment Number Conditional Format as Cell Editing Formatting Table Styles Clipboard Font Styles AL X The list below shows select accounts for Reading Readiness, Inc. as of January 31, B C D E F G 1 The list below shows select accounts for Reading Readiness, Inc, as of January 31, 20X1. 2 (Accounts are in alphabetical order.) 3 4 Accounts Payable 8,088 5 Accounts Receivable 6,960 Cash 13,445 7 Equipment 4,800 Income Tax Expense 1,350 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 19 Required: 6 5 ? 3 KUB.. Preparing an income statement - Excel FORMULAS DATA REVIEW FILE HOME INSERT PAGE LAYOUT VIEW Sign In Calibri - 11 Paste BIU FH- - A A % - Cell Alignment Number Conditional Format as A Cells Editing Formatting Table Styles Styles The list below shows select accounts for Reading Readiness, Inc. as of January 31, Clipboard Font A1 X B E F G A D 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 23 "Net Loss" as appropriate based on the value calculated in cell C42. 26 27 READING READINESS, INC. 28 Income Statement 29 For the Month Ended January 31, 20X1 30 Revenues: 31 32 33 Total Revenues 35 Expenses: 36 ? T Preparing an income statement - Excel Sign In DATA VIEW FORMULAS REVIEW FILE HOME PAGE LAYOUT INSERT #1 Calibri - 11 AA Cells Editing - & A BIU- % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Paste Font Clipboard fo The list below shows select accounts for Reading Readiness, Inc. as of January 31, A1 B D E F 24 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or 25 "Net Loss" as appropriate based on the value calculated in cell C42. 26 27 READING READINESS, INC 28 Income Statement 29 For the Month Ended January 31, 20X1 30 Revenues: 31 32 33 34 Total Revenues 35 Expenses: 36 37 38 39 40 41 Total Expenses 43