Excel SIM: Preparing an income statement. 1. Prepare an income statement from a list of accounts. x 5 Preparing an income statement - Excel ? - FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sigr Calibri 11 Paste BIU- - A A % - Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard Font A1 X The list below shows select accounts for Reading Readiness Company as of E F 2 B D 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. (Accounts are in alphabetical order.) 3 4 Accounts Payable $ 8,088 5 Accounts Receivable 6,960 6 Cash 13,445 7 Equipment 4,800 8 Insurance Expense 1,350 9 Operating Expense 11,800 10 Other Fynenses 3.482 4 $ 5 6 7 8 9 10 Accounts Payable Accounts Receivable Cash Equipment Insurance 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 3,482 6,050 4,800 6,882 17,200 15,400 9,100 1,046 11 12 13 14 15 16 17 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 25 "Net Loss" as appropriate based on the value calculated in cell C42. 26 Sheet1 READY Attempt(s) Sho 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 32 33 34 Total Revenues 35 Expenses: 36 37 38 39 Total Expenses 40 41 42 43 44 45 46 Sheet1 READY Attempt(s) Sho