Prepare an income statement from a list of accounts. Darie Excel Problem 1.xlsx – Excel Tell…
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Question “Prepare an income statement from a list of accounts. Darie Excel Problem 1.xlsx – Excel Tell…”
Prepare an income statement from a list of accounts.
Darie Excel Problem 1.xlsx – Excel Tell me what you want to do File Home Insert Page Layout Data Review View Acrobat X Cut Copy Formulas 12 – A A . .A == Add-ins Help Wrap Test Morge & Center – General Normal Calibri B IU. Bad U AutoSum Fill Clear Paste = $ . % * Conditional Neutral Insert Delete Format * Format Painter Formatting Table Clipboard Alignment Styles Cells B37 1 The list below shows select accounts for YourSmart Learning Company as of January 31, 2020. 2 (Accounts are in alphabetical order) Accounts Payable Accounts Receivable Cash Equipment Income Tax Expense Operating Expense Other Expenses Other Revenue Rent Expense Salaries Expense Short-term Notes Payable Test Prep Revenue Tutoring Revenue Unearned Revenue 8,088 6,960 13,445 4,800 1,350 15,000 3,482 4,500 5,800 6,882 17,200 25,000 10,000 1,046 19 Required: 20 1. Prepare an Income Statement for the month ended January 31, 2020. 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. Excel 1 Ready 0 0 0 > x3
5 = Excel Problem 1.sx – Excel Daria Carlson – o Insert Page Layout Formulas Data File e Review View Home X Cut Add-ins Help Acrobat Tell me what you want to do – 12 E Copy AA = = Wrap Text General ΣΑυλούμπι ‘ Α 9 B T U – A Paste Format Painter Clipboard Merge & Center S -% 89 Conditional Format as Good Delete Former clear Clear- a Sunda Formatting Table Sort & Find & Filter – Select- Editing Font Alignment Styles G29 22 Note: List revenues and expenses in order of largest to smallest dollar amounts 24 2. After entering the formula in cell 042, 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. See intructions in the block to the right. IF function: Since companies may generate either a net income or ne is useful for properly labeling cell B42. Excel’s IF function syntax is: “=IF(test condition,value_it_true,value if false)” For example, the answer for cell B42 is: “=IF(C420,”Net Income”,”N- automatically enter in cell B42 the appropriate label (Net Income or spreadsheets templates are often used repeatedly. YourSmart Learning Company Income Statement For Month Ended January 31, 2020 Revenues: Test Prep Revenue Other Revenues Total Revenues Total Revenues Expenses: Salaries Expense Try again Try again Enter your answers in the yellow cells 31 Correct 32 Try again 33 Try again 34 35 36 Try again 37 Try again 38 Try again 39 Try again 40 Try again Try again Try again Try again Try again Try again Try again Try again Try again Try again Total Expenses 42 Try again 43 Total Score 1.5 In order to receive full credit your 44 Excel 1 Ready
Answer
25,000 10,000 4,500 39.500 Your Smart Learning Company Inome Statement for the Month Ended January 31, 2020 Revenues Revenues: Test Prep Revenue Revenue Tutoring Revenue Revenue Other Revenues Total Revenues (A), Expenses: Rent Expense Salaries Income Tax Expense Other Income Total Expenses(B) = (A-) 15,000 6,882 1,350 3,482 34,514 6,986
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