Preparing an income statement - ExcelSign InFORMULASREVIEWFILEНOMEINSERTPAGE LAYOUTDATAVIEWCalibriA AConditional Format asCllPasteAlignment NumberEditingCellsBIUFormatting Table Styles4.FontClipboardStylesfeE27BG.1 The list below shows select accounts for Reading Readiness, Inc. as of January 31, 20X1.2 (Accounts are in alphabetical order.)Accounts Payable8,088Accounts Receivable6,96013,445CashEquipment7.4,800Income Tax Expense8.1,350Operating Expense11,800Other Expenses103,4826,0504,800Other Revenues11Rent Expense12Salaries Expense136,882Short-term Notes Payable1417,200Test Prep Revenue15,40015Tutoring Revenue169,100Unearned Revenue171,046%24 19 Required: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 C42.26READING READINESS, INC.2728Income StatementFor the Month Ended January 31, 20X129Revenues:30313233Total Revenues34Expenses:353637383940Total Expenses4142

Question
Asked Jan 28, 2020
112 views
  1. Prepare an income statement from a list of accounts.

I do not understand what it is telling me to do. Every time I try something I get an incorrect response.

Linda 

 

 

 

 
 
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
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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

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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
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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

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Expert Answer

Step 1

Income statement:

The financial statement which reports revenues and expenses from business operations and result of those operations as net income or net loss for a particular time period is referred as to as income statement.

Step 2

Cell reference:

...
Accounting homework question answer, step 2, image 1
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