Preparing an income statement - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri - 11 % Paste BIU A Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard D46 A Font Styles fx B C D E 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accounts are in alphabetical order.) 3 4 Accounts Payable $ 8,088 5 6 7 8 9 10 Accounts Receivable Cash Equipment Insurance Expense Operating Expense Other Expenses 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 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. Sign In FILE HOME INSERT PAGE LAYOUT Calibri 11 Paste BIU Clipboard Font C42 fx A B Preparing an income statement - Excel FORMULAS DATA % ? - REVIEW VIEW Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Styles C D E F 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 34 36 23222285232352237 39 41 42 Revenues: READING READINESS Company Income Statement For the Month Ended January 31, 20X1 Total Revenues Expenses: Total Expenses 44 Sign In G