Reading Readiness, Incorporated has provided you its list of select accounts and balances as of January 31,201. The Controller has asked you to prepare an income statement for the month ended December 31, 20X1. Use the information included in the Excel Simulation and the Excel functions described below to complete the tosk. - Cell Reference: Allows you to refer to date from onother cell in the worksheet. In the Excel Simulation below, if "=C5" is entered in a blank cell, the formula outputs the result from cell C5, which is 6,960 in this example. - Baslc Math functions: Allows you to use the bosic math symbols to perform mathematical functions. You can use the following keys: - (plus sign to odd), - (minus sign to subtroct), (asterisk sign to multiply), and / (forwerd slash to divide). In the Excel Simulation below, if " =C5+C6 is entered in a blenk cell, the formula adds the values from those cells and outputs the result, which is 20,405 in this exemple. If using the other math symbols, the result is an appropriate answer for the function. - SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. In the Excel Simulation below, if "=SUM(C5, C6,C7)" is entered in a blank cell, the formula outputs the result of odding those three seporate cells, which is 25,205 in this example. Similarly, if "=SUM(B5:B7)" is entered in o blank cell, the formula outputs the same result of adding those cells even though they are expressed as a range in the formula, so the result is 25,205 in this example. - IF function: Allows you to test a condition and return a specific value if the result is true and a different value if the result is false. The syntax of the IF function is "=IF(test_condition,volue_if_true,volue_if_false)" and specific considerations need to be mede when using this function. The test_condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than, or equal to another number or cell. The volue_if_true and value_if_faise arguments will retum any specific result for each option, such as another cell reference, a value, or text. Throughout the entire equation, if text is being used in the test_condition, volue_if_true, or volue_if_fo/se arguments, then the text itself should be entered in quotations so that: Excel will recognize the text as a "string of text" instesd of another function. In the Excel Simulation below, if "=IF(C5s5000,"Cash is great", "Cosh is bad")" is entered in a blank cell, the formula outputs the result of the value_if_true since the test_conolition result is true, so in this cose the result is the text "Cosh is great". Excel processes the IF function by separating it out into parts. First is the test_condition-Excel thinks, find cell C5 and determine if the volue is greoter than 5000 . Once Excel determines if the result of that test_condition is TRUE or FALSE, it returns the volue_if_true or value_if_folse. Reading Readiness, Incorporated has provided you its list of select accounts and balences as of January 31,201. The Controller has asked you to prepare an income statement for the month ended December 31, 20X1. Use the information included in the Excel Simulation and the Excel functions described below to complete the tosk. - Cell Reference: Allows you to refer to dato from another cell in the worksheet. In the Excel Simulation below, if "=C5" is entered in a blank cell, the formula outputs the result from cell C5, which is 6,960 in this example. - Baslc Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: - (plus sign to add), - (minus sign to subtroct), * (osterisk sign to multiply), and / (forwerd slash to divide). In the Excel Simulation below, if " =C5+C6 is entered in a blenk cell, the formula odds the velues from those cells and outputs the result, which is 20,405 in this example. If using the other math symbols, the result is an appropriate answer for the function. - SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. In the Excel Simulation below, if "=SUM(C5,C6,C7)" is entered in a blank cell, the formula outputs the result of odding those three separate cells, which is 25,205 in this example. Similarly, if "=SUM(B5:B7)" is entered in a blank cell, the formula outputs the same result of adding those cells even though they are expressed as o range in the formula, so the result is 25,205 in this example. - IF function: Allows you to test a condition and return a specific volue if the result is true and a different value if the result is false. The syntax of the IF function is "=IF(test_condition,value_if_true,value_if_false)" and specific considerations need to be made when using this function. The test_condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than, or equal to another number or cell. The value_if_true and value_if_false arguments will return any specific result for each option, such as another cell reference, a velue, or text. Throughout the entire equation, if text is being used in the test_condition, volue_if_true, or volue_if_folse arguments, then the text itself should be entered in quotations so that Excel will recognize the text as a "string of text" insteod of another function. In the Excel Simulation below, if "=IF(C5os 5000, "Cosh is grest", "Cosh is bool") is entered in a blank cell, the formula outputs the result of the value_if true since the test_condition result is true, so in this cose the result is the text "Cosh is great". Excel processes the IF function by separating it out into parts. First is the test_condition-Excel thinks, find cell C5 and determine if the volue is greoter than 5000. Once Excel determines if the result of that test_condition is TRUE or FALSE, it returns the volue_it_true or value_if_folse. Required:A 1. Prepare an Income Statement for the month ended January 31,201. Use cell references to select account titles and amounts to be included on the income statement. Note: ust revenues and expenses in order of largest to smollest dollor omounts. 2. After entering the formula in cell C42, use the Excel IF function to label cell 842 as either "Net Income" or "Net Loss" as appropriate based on the value calculated in cell c42