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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
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 Income Tax Expense Operating Expense Other Expenses Other Revenues Rent Expense Salaries Expense Short-term Notes Payable Test Prep Revenue Tutorine 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 Required 1. Prepare an Income Statement for the month ended January 31, 20x1. Use cell references to select account titles and amounts to be included on the income statement. Note: List revenues and expenses in order of lorgest to smallest dollar amounts. 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or Net Loss" as appropriate ate based on the value calculated in cell C42. READING READINESS, INC Income Statement Mo Revenues: Total Revenues Total Expenses
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