Question

Required: 20 1. Prepare an income Statement for the month ended Lanuary 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. 24 2. After entering the formula in cell 42, use the Excel IF function to label cell B42 as either "Ne 25 "Net Loss as appropriate based on the value calculated in cell C42. ipped READING READINESS Company Income Statement For the Month Ended January 31, 20X1 Book Reven Print erences Total Revenues Expenses Total Expenses - Sheet1 READY Attempt(s)

Answer 1

26	B	C
27	READING READINESS INC
28	Income Statement
29	For the Month Ended January 31, 20X1
30	Revenues :
31	Test Prep Revenue	$15,400
32	Tutoring Revenue	9,100
33	Other Revenues	6,050
34	Total Revenues	30,550
35	Expenses :
36	Operating Expenses	11,800
37	Salaries Expenses	6,882
38	Rent Expenses	4,800
39	Other Expenses	3,482
40	Income Tax Expenses	1,350
41	Total Expenses	28,314
42	NET PROFIT	2,236

26	B	C
27	READING READINESS INC
28	Income Statement
29	For the Month Ended January 31, 20X1
30	Revenues :
31	Test Prep Revenue	15400
32	Tutoring Revenue	9100
33	Other Revenues	6050
34	Total Revenues	=SUM(C31:C33)
35	Expenses :
36	Operating Expenses	11800
37	Salaries Expenses	6882
38	Rent Expenses	4800
39	Other Expenses	3482
40	Income Tax Expenses	1350
41	Total Expenses	=SUM(C36:C40)
42	=IF(C42>0,"NET PROFIT","NET LOSS")	=C34-C41