The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. (Accounts...

 

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The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. (Accounts are in alphabetical order.) Accounts Payable 8,088 Accounts Receivable 6,960 13,445 4,800 Cash Equipment Insurance Expense Operating Expense Other Expenses 1,350 11,800 3,482 6,050 Other Revenues Rent Expense Salaries Expense Short-term Notes Payable Test Prep Revenue Tutoring Revenue Unearned Revenue 4,800 6,882 17,200 15,400 9,100 1,046 ment i Saved 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 For the Month Ended January 31, 20X1 29 30 Revenues: 31 32 33 Total Revenues Expenses: 34 35 36 37 38 39 40 41 Total Expenses The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. (Accounts are in alphabetical order.) Accounts Payable 8,088 Accounts Receivable 6,960 13,445 4,800 Cash Equipment Insurance Expense Operating Expense Other Expenses 1,350 11,800 3,482 6,050 Other Revenues Rent Expense Salaries Expense Short-term Notes Payable Test Prep Revenue Tutoring Revenue Unearned Revenue 4,800 6,882 17,200 15,400 9,100 1,046 ment i Saved 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 For the Month Ended January 31, 20X1 29 30 Revenues: 31 32 33 Total Revenues Expenses: 34 35 36 37 38 39 40 41 Total Expenses

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Solution 1 READING READINESS INC Income Statement 2 For the Month Ended January 31 ... View the full answer