XI H 5-Preparing an Income statement -Excel困FILEHOMEINSERTPAGE LAYOUTFORMULASDATAREVIEWVIEWSign In-11-A ACalibriO- A Alignment NumberConditional Format asCellCellsEditingPasteBFormattingTable StylesClipboardFontStylesA2fe(Accounts are in alphabetical order.)E1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1.2 (Accountslare in alphabetical order.)Accounts Payable$48,0886,9605Accounts Receivable13,445Cash4,800EquipmentInsurance Expense1,35011,800Operating ExpenseOther Expenses3,482106,05011Other Revenues4,800Rent ExpenseSalaries Expense126,8821317,20014Short-term Notes Payable15,40015Test Prep Revenue9,10016Tutoring Revenue1,04617Unearned Revenue1819 Required:20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references8 of 8NextDrev 15 Kequirea:20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references21 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.2324 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or25 "Net Loss" as appropriate based on the value calculated in cell C42.2627READING READINESS Company28Income Statement29For the Month Ended January 31, 20X130Revenues:31323334Total Revenues35Expenses:3678Total ExpensesSheet1100%EADYHintShow Mettempt(s)

The question is based on the concept of Financial Accounting.

8,088 4 Accounts Payable 6,960 Accounts Receivable 13,445 Cash 4,800 Equipment Insurance Expense 7 1,350 8 11,800 Operating Expense Other Expenses 3,482 6,050 10 11 Other Revenues 4,800 12 Rent Expense 6,882 Salaries Expense Short-term Notes Payable 13 17,200 14 15,400 15 Test Prep Revenue 9,100 Tutoring Revenue Unearned Revenue 16 1,046 17 18 19 Required: 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 96

8,088 4 Accounts Payable 6,960 Accounts Receivable 13,445 Cash 4,800 Equipment Insurance Expense 7 1,350 8 11,800 Operating Expense Other Expenses 3,482 6,050 10 11 Other Revenues 4,800 12 Rent Expense 6,882 Salaries Expense Short-term Notes Payable 13 17,200 14 15,400 15 Test Prep Revenue 9,100 Tutoring Revenue Unearned Revenue 16 1,046 17 18 19 Required: 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 96

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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