(all answer must be entered as a formula)

1. Prepare an income statement from a list of accounts. KH. FILE HOME Preparing an income statement - Excel FORMULAS DATA REVIEW 7 - X Sign In INSERT PAGE LAYOUT VIEW . Callon H B. Paste BIU- AA % A Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Gipboard Font A1 > The list below shows select accounts for Reading Readiness Company as of E F - 8 D The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accounts are in alphabetical order) 3 $ 5 6 2 Accounts Payable Accounts Receivable Cash Equipment Insurance Expense Operating Expense Other Expenses 8,088 6.900 13,445 4,800 1,350 11,800 3,482 9 10 3 D 9 1 The list blow shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accounts are in alphabetical order.) 3 Accounts Payable $ 8,088 5 Accounts Receivable 6,960 6 Cash 13,445 7 Equipment 4,800 8 Insurance Expense 1,350 Operating Expense 11,800 10 Other Expenses 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 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 CA2, use the Excel IF function to label cell B42 as either "Net Income" or Sheet1 Prey 1 of 2 Next > A D 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 rewnues and expenses in order of largest to smallest dollar omounts. 23 24 2. After entering the formula in cell C4%, use the Excel IF function to label cell B42 as either "Net Income" or 25 "Net toss 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 32 33 34 Total Revenues 35 Expenses 36 37 38 39 40 Total Expenses 42 45 44 Sheet1