3 4 5 6 7 8 9 10 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accounts are in alphabetical order.) Accounts Payable Accounts Receivable Cash Equipment Insurance Expense Operating Expense Other Expenses $ 8,088 6,960 13,445 4,800 1,350 11,800 3,482 11 Other Revenues 6,050 12 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 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 C42, 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 C42. READING READINESS Company Income Statement For the Month Ended January 31, 20X1 Revenues: Total Revenues Expenses: Total Expenses 1 Presented below are incomplete financial statements for Marta Communications, Inc. 2 3 Required: 4 Solve for the missing amounts. NOTE: When an amount on one financial statement is again shown on 5 another statement, you MUST reference the cell from the earlier statement rather than calculate the amount, thus 6 indicating the relationship between the two statements. 7 8 MARTA COMMUNICATIONS, INC. Income Statement 9 10 For the Month Ended March 31, 20X1 11 Sales Revenues $34,500 12 Expenses: 13 Rent Expense 2,600 14 Wages Expense 15 Utilities Expense 4,800 16 Income Tax Expense 800 17 Net income $4,100 18 ) 2 MARTA COMMUNICATIONS, INC. Statement of Retained Earnings For the Month Ended March 31, 20X1 3 Retained Earnings, March 1, 20X1 7 Add: Net income Subtract: Dividends 5 Retained Earnings, March 31, 20X1 $0 (500) 3. 0 2 Assets 3. Cash Accounts receivable 5 Office supplies 5 Land 7 Total Assets 3 MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20X1 Liabilities $3,400 Accounts payable $6,800 Stockholders' Equity 2,300 Common stock 14,000 12,000 Retained earnings Total Liabilities and Stockholders' Equity