1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references to select account titles and amounts to be included on the income statement. Note: List revenues and expenses in order of largest to smallest dollar amounts. 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or "Net Loss" as appropriate based on the value calculated in cell C42. READING READINESS Company 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 Expenses Insurance Expense Total Expenses $ 15,400 9,100 6,050 30,550 11,800 6,882 4,800 3,482 1,350 28,314 2,236

1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references to select account titles and amounts to be included on the income statement. Note: List revenues and expenses in order of largest to smallest dollar amounts. 2. After entering the formula in cell C42, use the Excel IF function to label cell B42 as either "Net Income" or "Net Loss" as appropriate based on the value calculated in cell C42. READING READINESS Company 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 Expenses Insurance Expense Total Expenses $ 15,400 9,100 6,050 30,550 11,800 6,882 4,800 3,482 1,350 28,314 2,236

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Description: XSD.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchcel-Extra Credit iQuestion 1 - Ch 02 Excel-Extra Cr xD+Z323334353637383940414243^^Trial BalanceABCD20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use c

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

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Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.
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