Reading Readiness, Incorporated has provided you its list of select accounts and balances as of January $31,20$X$1.$ The Controller has asked you to prepare an income statement for the month ended December $31,20$X$1.$ Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

Cell Reference: Allows you to refer to data from another cell in the worksheet. In the Excel Simulation below, if $"=$C$5"$ is entered in a blank cell, the formula outputs the result from cell $C5,$ which is $6,960$ in this example.

Basic 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 subtract$),*($asterisk sign to multiply$),$ and $/($forward slash to divide$).$ In the Excel Simulation below, if $"=$C$5+$C$6"$ is entered in a blank cell, the formula adds the values 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$($C$5,$C$6,$C$7)"$ is entered in a blank cell, the formula outputs the result of adding those three separate cells, which is $25,205$ in this example. Similarly, if $"=$SUM$($B$5$:B$7)"$ is entered in a 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,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 value, or text. Throughout the entire equation, if text is being used in the test$\_$condition, value$\_$if$\_$true, or value$\_$if$\_$false arguments, then the text itself should be entered in quotations so that Excel will recognize the text as a "string of text" instead of another function. In the Excel Simulation below, if $",$ "Cash is great", "Cash is bad"$)"$ 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 case the result is the text "Cash is great". Excel processes the IF function by separating it out into parts. First is the test$\_$condition$-$Excel thinks, find cell C$5$ and determine if the value is greater than $5000.$ Once Excel determines if the result of that test$\_$condition is TRUE or FALSE, it returns the value$\_$if$\_$true or value$\_$if$\_$false.

The list below shows select accounts for Reading Readiness, Inc. as of January $31,20$X$1.$

$($Accounts are in alphabetical order.$)$

$\backslash$table$[[$Accounts Payable,$