1question

2nd question

value 10.00 points Consider the following situations for Shocker a. On November 28, 2018, Shocker receives a $3,000 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue dio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. c. Employee salaries for the month of December totaling $7,000 will be paid on January 7, 2016. d. On August 31, 2018, Shocker borrows $60,000 from a local bank. A note is signed with principal and 8% interest to be paid on August 31, 2019 Required Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2018, balance sheet is higher or lower if the adjustment is not recorded. (If none of the categories apply for a particular item, leave the cell blank.) d. Higher Total Lower 1 The list bdlow shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. 2 (Accounts are in alphabetical order.) 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 4,800 1,350 11,800 6,050 4,800 17,200 15,400 9,100 1,046 16 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 23 242. 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 28 29 READING READINESS, INC Income Statement For the Month Ended January 31, 20X1 Revenues 31 32 34 35 Total Revenues Expenses 37 38 39 Total Expenses 41 42 43 45 Sheet1 + 100%