| | | X v/ fe || The list below shows select accounts for Reading Readiness, Inc
ID: 2538704 • Letter: #
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| | | X v/ fe || The list below shows select accounts for Reading Readiness, Inc. as of January 31,v The list bylow shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. 2 (Accounts are in alphabetical order.) Accounts Payable Accounts Receivable Cash 8,088 13,445 4,800 1,350 11,800 3,482 6,050 4,800 Income Tax Expense Operating Expense Other Expenses 10 Revenues Expense aries Expense Short-term Notes Payable Test Prep Revenue Tutoring Revenue 17,200 15,400 9,100 1,046 16 nearned Revenue 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 24 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or SheetiExplanation / Answer
INCOME STATEMENT Revenues: Test Prep Revenue 15400 Tutoring revenue 9100 Other revenue 6050 Total Rrevenue 30550 Expense: Operating expense 11800 Rent expense 4800 Salaries expense 6882 other expese 3482 Income tax expense 1350 Total Expense 28314 Net Operating income 2236
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