X 5 Preparing an income statement - Excel ? Q FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri - 11 % Paste BIU- Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font B3 X F GE A B D E 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accounts are in alphabetical order.) 3 4 6 10 12 Accounts Payable $ 8,088 5 Accounts Receivable 6,960 Cash 13,445 7 Equipment 4,800 8 Insurance Expense 1,350 9 Operating Expense 11,800 Other Expenses 3,482 11 Other Revenues 6,050 Rent Expense 4,800 13 Salaries Expense 6,882 14 Short-term Notes Payable 17,200 15 Test Prep Revenue 15,400 16 Tutoring Revenue 9,100 17 Unearned Revenue 1,046 18 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 C42. use the Excel IF function to label cell B42 as either "Net Income" or X] A Preparing an income statement - Excel ? - FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri -11 % Paste BIU- A- Cells Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font C31 X GA A B D E F 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 C42, 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 C42. 26 27 READING READINESS Company 28 Income Statement 29 For the Month Ended January 31, 20X1 30 Revenues: 31 Test Prep Revenue 32 33 34 Total Revenues 35 Expenses: 36 Operating Expense 37 38 39 40 41 Total Expenses 42 43