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. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.**** PLOW SHOW EXCEL FORMULA*****

E D The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. |(Accounts are in alphabetical order.) Accounts Payable Accounts Receivable Cash Equipment Income Tax Expense Operating Expense Other Expenses Other Revenues Rent Expense Salaries Expense Short-term Notes Payable Test Prep Revenue Tutoring Revenue Unearned Revenue 8,088 6,960 13,445 4,800 1,350 11,800 3,482 6,050 4,800 6,882 17,200 15,400 9,100 1,046 A 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 042, 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 042. 26 27 READING READINESS, INC. 28 Income Statement For the Month Ended January 31, 20X1 Revenues: 31 29 30 32. 33 34 Total Revenues Expenses: 35 36 37 38 39 40 41 Total Expenses 42