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Presented below are incomplete financial statements for Marta Communications Required: Solve for the missing amounts. NOTE: When an amount on one financial statement is again shown on another statement, you MUST reference the cell from the earlier statement rather than calculate the amount, thus indicating the relationship between the two statements. MARTA COMMUNICATIONS Income Statement For the Month Ended March 31, 20X1 Sales Revenues $34,500 Expenses: Rent Expense Wages Expense Utilities Expense Advertising Expense 2,600 4,800 800 Net income $4,100

Presented below are incomplete financial statements for Marta Communications Required: Solve for the missing amounts. NOTE: When an amount on one financial statement is again shown on another statement, you MUST reference the cell from the earlier statement rather than calculate the amount, thus indicating the relationship between the two statements. MARTA COMMUNICATIONS Income Statement For the Month Ended March 31, 20X1 Sales Revenues $34,500 Expenses: Rent Expense Wages Expense Utilities Expense Advertising Expense 2,600 4,800 800 Net income $4,100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Solve for the missing amounts and understand how the financial statements are linked.
C14 A B D 1 Presented below are incomplete financial statements for Marta Communications 2 3 Required: 4 Solve for the missing amounts. NOTE: When an amount on one financial statement is again shown on 5 another statement, you MUST reference the cell from the earlier statement rather than calculate the amount, thus 6 indicating the relationship between the two statements. 7 8. MARTA COMMUNICATIONS 9. Income Statement 10 For the Month Ended March 31, 20X1 11 Sales Revenues $34,500 12 Expenses: Rent Expense Wages Expense Utilities Expense 13 2,600 14 15 4,800 Advertising Expense 800 16 17 Net income $4,100 18 >
Transcribed Image Text:C14 A B D 1 Presented below are incomplete financial statements for Marta Communications 2 3 Required: 4 Solve for the missing amounts. NOTE: When an amount on one financial statement is again shown on 5 another statement, you MUST reference the cell from the earlier statement rather than calculate the amount, thus 6 indicating the relationship between the two statements. 7 8. MARTA COMMUNICATIONS 9. Income Statement 10 For the Month Ended March 31, 20X1 11 Sales Revenues $34,500 12 Expenses: Rent Expense Wages Expense Utilities Expense 13 2,600 14 15 4,800 Advertising Expense 800 16 17 Net income $4,100 18 >
19 20 MARTA COMMUNICATIONS 21 Statement of Owner's Equity 22 For the Month Ended March 31, 20X1 23 Marta, Capital, March 1, 20X1 $0 24 Add: Net income 25 Subtract: Withdrawals by owner (500) 26 Marta, Capital, March 31, 20X1 27 28 29 MARTA COMMUNICATIONS 30 Balance Sheet 31 At March 31, 20X1 Liabilities Accounts payable 32 Assets 33 Cash $3,400 $20,800 34 Accounts receivable Office supplies 2,300 |Owner's Equity 12,000 Marta, Capital 35 36 Land 37 Total Assets Total Liabilities and Owner's Equity 38 39 40
Transcribed Image Text:19 20 MARTA COMMUNICATIONS 21 Statement of Owner's Equity 22 For the Month Ended March 31, 20X1 23 Marta, Capital, March 1, 20X1 $0 24 Add: Net income 25 Subtract: Withdrawals by owner (500) 26 Marta, Capital, March 31, 20X1 27 28 29 MARTA COMMUNICATIONS 30 Balance Sheet 31 At March 31, 20X1 Liabilities Accounts payable 32 Assets 33 Cash $3,400 $20,800 34 Accounts receivable Office supplies 2,300 |Owner's Equity 12,000 Marta, Capital 35 36 Land 37 Total Assets Total Liabilities and Owner's Equity 38 39 40
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