Excel SIM: Preparing an income statement. 1. Prepare an income statement from a list of accounts, ? - X Sign in M Paste Cells Editing I Preparing an income statement - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri AA %6 BIU. A Alignment Number Conditional Formatas Cell Formatting Table Styles Clipboard Font Styles A2 (Accounts are in alphabetical order) A D 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1 2 l'Accounts are in alphabetical order) 3 4 Accounts Payable S 8,088 5 Accounts Receivable 6,960 6 Cash 13,445 7 Equipment 4,800 8 Insurance 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 9 0 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references -1 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. 23 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 Company 28 Income Statement For the Month Ended January 31, 20X1 Revenues: 29 Total Revenues Expenses: 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Total Expenses