Preparing an income statement - Excel Sign In FORMULAS REVIEW FILE НOME INSERT PAGE LAYOUT DATA VIEW Calibri A A Conditional Format as Cll Paste Alignment Number Editing Cells BIU Formatting Table Styles 4. Font Clipboard Styles fe E27 B G. 1 The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. 2 (Accounts are in alphabetical order.) Accounts Payable 8,088 Accounts Receivable 6,960 13,445 Cash Equipment 7. 4,800 Income Tax Expense 8. 1,350 Operating Expense 11,800 Other Expenses 10 3,482 6,050 4,800 Other Revenues 11 Rent Expense 12 Salaries Expense 13 6,882 Short-term Notes Payable 14 17,200 Test Prep Revenue 15,400 15 Tutoring Revenue 16 9,100 Unearned Revenue 17 1,046 %24 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 25 "Net Loss" as appropriate based on the value calculated in cell C42. 26 READING READINESS, INC. 27 28 Income Statement For the Month Ended January 31, 20X1 29 Revenues: 30 31 32 33 Total Revenues 34 Expenses: 35 36 37 38 39 40 Total Expenses 41 42
Preparing an income statement - Excel Sign In FORMULAS REVIEW FILE НOME INSERT PAGE LAYOUT DATA VIEW Calibri A A Conditional Format as Cll Paste Alignment Number Editing Cells BIU Formatting Table Styles 4. Font Clipboard Styles fe E27 B G. 1 The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1. 2 (Accounts are in alphabetical order.) Accounts Payable 8,088 Accounts Receivable 6,960 13,445 Cash Equipment 7. 4,800 Income Tax Expense 8. 1,350 Operating Expense 11,800 Other Expenses 10 3,482 6,050 4,800 Other Revenues 11 Rent Expense 12 Salaries Expense 13 6,882 Short-term Notes Payable 14 17,200 Test Prep Revenue 15,400 15 Tutoring Revenue 16 9,100 Unearned Revenue 17 1,046 %24 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 25 "Net Loss" as appropriate based on the value calculated in cell C42. 26 READING READINESS, INC. 27 28 Income Statement For the Month Ended January 31, 20X1 29 Revenues: 30 31 32 33 Total Revenues 34 Expenses: 35 36 37 38 39 40 Total Expenses 41 42
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.4.1P: Multiple-step income statement and report form of balance sheet The following selected accounts and...
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- Prepare an income statement from a list of accounts.
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