1. Prepare an Income statement from a list of accounts. Preparing an income statement - Excel ILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri - 11 - A A ste BIU- Alignment Number Conditional Format as Cell Cells Formatting - Table- Styles - pboard Font TM Styles The list below shows select accounts for Reading Readiness, Inc. as of Ja B F The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. (Accounts are in alphabetical order.) Accounts Payable 24 8,088 Accounts Receivable 6,960 Cash 13,445 Equipment 4,800 Income Tax Expense 1,350 Operating Expense 11,800 3,482 Other Expenses Other Revenues 6,050 4,800 Rent Expense 6,882 Salaries Expense Short-term Notes Payable 17,200 15,400 Test Prep Revenue 9,100 Tutoring Revenue Unearned Revenue 1,046 a Required: P 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 1 to select account titles and amounts to be included on the income statement. 2 Note: List revenues ond expenses in order of lorgest to smallest dollor amounts. 4 2. After entering the formula in celIl C42. use the Excel IF function to label cell B42 as either "Net Income" or

1. Prepare an Income statement from a list of accounts. Preparing an income statement - Excel ILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri - 11 - A A ste BIU- Alignment Number Conditional Format as Cell Cells Formatting - Table- Styles - pboard Font TM Styles The list below shows select accounts for Reading Readiness, Inc. as of Ja B F The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. (Accounts are in alphabetical order.) Accounts Payable 24 8,088 Accounts Receivable 6,960 Cash 13,445 Equipment 4,800 Income Tax Expense 1,350 Operating Expense 11,800 3,482 Other Expenses Other Revenues 6,050 4,800 Rent Expense 6,882 Salaries Expense Short-term Notes Payable 17,200 15,400 Test Prep Revenue 9,100 Tutoring Revenue Unearned Revenue 1,046 a Required: P 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 1 to select account titles and amounts to be included on the income statement. 2 Note: List revenues ond expenses in order of lorgest to smallest dollor amounts. 4 2. After entering the formula in celIl C42. use the Excel IF function to label cell B42 as either "Net Income" or

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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