Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. Accounts are in alphabetical order.) 4 Accounts Payable Accounts Receivable

image text in transcribed
image text in transcribed
The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. Accounts are in alphabetical order.) 4 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 ,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 largest to smallest dollar amounts. 2. After entering the formula in cell 042, use the Excel IF function to label cell B42 as either "Net Income" or "Net Loss" as appropriate based on the value calculated in cell 042. READING READINESS, INC. Income Statement For the Month Ended January 31, 20X1 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 to Expert-Tailored 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