Preparing an income statement. 1. Prepare an income statement from a list of accounts. XU5 ? Preparing an income statement - Excel FORMULAS DATA REVIEW 1 FILE HOME INSERT PAGE LAYOUT VIEW Sig X % Calibri 11 A A BIU.. SA M Paste Cells Editing Clipboard Alignment Number Conditional Format as Cell Formatting Table Styles Styles Font A1 f: The list below shows select accounts for Reading Readiness, Inc. as of January B D E 1 The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20x1. 2 (Accounts are in alphabetical order.) 3 4 5 6 7 8 9 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 10 8,088 6,960 13,445 4,800 1,350 11,800 3,482 6,050 4,800 6,882 17,200 15,400 11 12 13 14 15 E 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 27 28 29 30 READING READINESS, INC. Income Statement For the Month Ended January 31, 20X1 Revenues: 31 32 33 34 Total Revenues Expenses: 35 36 37 38 39 40 41 Total Expenses 42 43