Question

A в D 1 The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20x1. |(Accounts are in alphabetical order.) ou w N 00 L 10 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 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 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

Answer 1

READING READINESS, INC.
INCOME STATEMENT
For the Month Ended January 31, 20X1
Revenues:
Test Prep Revenue	15,400
Tutoring Revenue	9,100
Other Revenues	6,050
Total Revenues	30,550
Expenses:
Operating Expense	11,800
Salaries Expense	6,880
Rent Expense	4,800
Other Expenses	3,482
Income Tax Expense	1,350
Total Expenses	28,312
Net Income	2,238