Function: SUM; Formula: Subtract; Cell Referencing

Some cells are merged.

Using Excel to Prepare an Income Statement Student Work Area

PROBLEM Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated.

Creative Company is owned and operated by Sam Andrews. In alphabetical order below are the financial statement accounts for Creative Company.

Using the appropriate accounts, prepare an income statement for the month ended October $31,2024.$ List expenses alphabetical.

Accounts payable $$95,000$

Accounts receivable $72,500$

Advertising expense $23,800$ Creative Company

Cash $61,300$ Income Statement

S$.$ Andrews, capital, October $1,202434,000$ Month Ended October $31,2024$

S$.$ Andrews, drawings $5,000$

Rent expense $22,400$ Revenues

Service revenue $56,000$ Service revenue

Expenses

Accounts payable

Advertising expense