I The list below shows select accounts for Reading Readiness Company as of January 31, 20X1 2 (Accounts are in alphabetical order.) 3 8,088 6,960 13445 4,800 1,350 4 Accounts Payable Accounts Receivable 6. Cash 7. Equipment Insurance Expense Operating Expense Other Expenses 8. 11,800 10 3,482 6,050 11 Other Revenues Rent Expense Salaries Expense Short-term Notes Payable Test Prep Revenue 4,800 6,882 17,200 15 400 12 13 14 15 Tutoring Revenue Unearned Revenue 16 17 1,046 18 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

I The list below shows select accounts for Reading Readiness Company as of January 31, 20X1 2 (Accounts are in alphabetical order.) 3 8,088 6,960 13445 4,800 1,350 4 Accounts Payable Accounts Receivable 6. Cash 7. Equipment Insurance Expense Operating Expense Other Expenses 8. 11,800 10 3,482 6,050 11 Other Revenues Rent Expense Salaries Expense Short-term Notes Payable Test Prep Revenue 4,800 6,882 17,200 15 400 12 13 14 15 Tutoring Revenue Unearned Revenue 16 17 1,046 18 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

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 6SPA: SPRE ADSHEET, ADJUSTING ENTRIES, AND FIN ANCIAL STATEMENTS Lundberg Company had the following trial...

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