Question

Reading Readiness, Inc. has provided you its list of accounts and balances as of January 31. The Controller has asked you to prepare an Income Statement for the month ended January 31. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, =C11" was entered, the formula would output the result from cell C11, or 6,050 in this example. • Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell-C114C12" was entered, the formula would add the values from those cells and output the result, or 10,850 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "ESUM(C11,C12, C13)" was entered, the formula would output the result of adding those three separate cells, or 17.732 in this example. Similarly, if in a blank cell -SUM(C11:C13Y" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 17,732 in this example. IF function: Allows you to test a condition and return a specific value is the result is true and different value if the result is false. The syntax of the IF function is "IF(test. condition,value_il_true,value_Ilfalse)" and specific considerations need to be made when using this function. The test condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than or equal to another number or cell. The value_l_true and value_it_false arguments will return any specific result for each option, such as another cell reference, a value, or text. Throughout the entire equation, if text is being used in the test_condition, value_i_true, or value_il_false arguments then the text itself should be entered in quotations so that Excel will recognize the text as a "string of text" instead of another function. From the Excel Simulation below, if in a blank cell "IF(C6>10000,"Cash is great","Cash is bad") was entered the formula would output the result of the value_ true since the test_condition would be result as true, or in this case the text "Cash is great". Excel processes the IF function by separating it out Into separate parts. First the test. condition - Excel thinks, find cell C6 and determine if the value is greater than 10000. Once Excel determines if the result of that test condition is TRUE or FALSE, it will return the value_i_true or valueIfalse.

Answer 1

А F Cell References B15 B16 B11 15400 9100 6050 30550 Cell References C15 C16 C11 SUM(C31:C33) Reading Readiness Inc Income Statement For the month ended January 31, 20x1 Revenues: Test Prep Revenue Tutoring Revenue Other Revenues Total Revenue Expenses: Operating Expense Salaries Expense Rent expense Other Expenses Income Tax expense Total Expenses Net Income 11800 B9 B13 6882 C13 B12 4800 B10 3482 1350 28314 2236 C12 C10 C8 SUM(C36:040) C34-041 IF(C42>0,"Net Income","Net Loss") Cell Refernces for Column B is given in blue in Columne A and References of Columne C is given in Column D, Place an equal to = sign 45 before cell references.