Question

FILE HOME 7 INSERT Preparing an income statement - Excel FORMULAS DATA REVIEW PAGE LAYOUT X VIEW - Sign In Calibri Paste B IU- A Alignment Number Cells Editing Clipboard Font Conditional Format as Cell Formatting Table Styles Styles B31 В 1 The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. 2 (Accounts are in alphabetical order.) w #BBB 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 & 19 Required: ZU 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references Zl 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 CA2, use the Excel IF function to label cell B42 as either "Net Income" or ... Sheet1 ... READY

Answer 1

G Cell reference is given in blue column use = sign before these to get the answer Cell Reference B column (labels) C Column (amounts) B15 $ $ $ $ 15,400 9,100 6,050 30,550 B11 C15 C16 C11 SUM(C31:C33) Reading Readiness Income Statement For the month Ended January 31, 20X1 Revenues Test Prep Revenue Tutoring Revenue Other Revenues Total Revenues Expenses: Operating Expense Salaries Expense Rent Expense Other Expense Income Tax Expense Total Expenses Net Income B13 $ $ $ $ $ $ $ 11,800 6,882 4,800 3,482 1,350 28,314 2,236 B12 B10 C8 SUM(C36:040) C34-C41 IF(C42>0,"Net Income","Net Loss")