Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Reading Readiness, Inc. has provided you its list of accounts and balances as of January 31 . The Controller has asked you to prepare an

image text in transcribed

image text in transcribed

image text in transcribed

Reading Readiness, Inc. has provided you its list of accounts and balances as of January 31 . The Controller has asked you to prepare an Income Statement for the month ended January 31. Here are some tips for using Excel: - Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered "=B5" into a blank cell, the formula would output the value from cell B5. - Basic Math Functions: Allow you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), (asterisk sign to multiply), and / (forward slash to divide). For example, if you entered "=B4+B5" in a blank cell, the formula would add the values from those cells and output the result. - SUM Function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered "=SUM(C4,C5,C6)" into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered "=SUM(C4:C6)", the formula would output the same result of adding those cells. 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. The list below shows select accounts for Reading Readiness Company as of January 31. (Accounts are in alphabetical order.) \begin{tabular}{l|r|} \hline Accounts Payable & $8,088 \\ \hline Accounts Receivable & 6,960 \\ \hline Cash & 13,445 \\ \hline Equipment & 4,800 \\ \hline Insurance Expense & 1,350 \\ \hline Operating Expense & 11,800 \\ \hline Other Expenses & 3,482 \\ \hline Other Revenues & 6,050 \\ \hline Rent Expense & 4,800 \\ \hline Salaries Expense & 6,882 \\ \hline Short-term Notes Payable & 17,200 \\ \hline Test Prep Revenue & 15,400 \\ \hline Tutoring Revenue & 9,100 \\ \hline Unearned Revenue & 1,046 \\ \hline \end{tabular} Required: Prepare an Income Statement for the month ended January 31. Use cell references references to select account titles and amounts to be included on the income statement. (Use cells A5 to B18 from the given information to complete this question. All formulas must return positive values.) READING READINESS Company Income Statement For the Month Ended January 31 Revenues: Total Revenues Expenses: Total Expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions