If you have added a table and would like to improve on the bare bones defaults, here is what you can do:
Format the Text in a cell
Click in the "cell" and then select the tool you need from the toolbar:
A. Paragraph (Style), B (Bold, Italics, Underlined etc.), Text Colour and Text Background Colour
B. Alignment Tab -align the text to the left, centre, right or justify
To change the vertical alignment, click in the cell you want to change, and then on the toolbar click on the table icon --> Cell properties.
Example: For alignment look for the V align drop down menu