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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, INC. Income Statement For the Month Ended March 31, 20X1 Sales Revenues Expenses: Rent Expense Wages Expense Utilities Expense Income Tax Expense Net income $34,500 2,600 4,800 800 $4,100

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, INC. Income Statement For the Month Ended March 31, 20X1 Sales Revenues Expenses: Rent Expense Wages Expense Utilities Expense Income Tax Expense Net income $34,500 2,600 4,800 800 $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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X FILE Paste Clipboard A1 HOME Calibri INSERT B IU ⠀ 8 9 10 11 Sales Revenues DI M Font 12 Expenses: Rent Expense 13 14 Wages Expense 15 Utilities Expense 16 Income Tax Expense 17 Net income PAGE LAYOUT 11 A A Relationships among Financial Statements - Excel DATA REVIEW fx FORMULAS % Alignment Number A B 1 Presented below are incomplete financial statements for Marta Communications, Inc. 2 MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20X1 $34,500 Cell Conditional Format as Formatting Table Styles Styles Presented below are incomplete financial statements for Marta Communications, 2,600 VIEW C 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 4,800 800 $4,100 ? El Cells Editing D 4 Sign In x
Transcribed Image Text:X FILE Paste Clipboard A1 HOME Calibri INSERT B IU ⠀ 8 9 10 11 Sales Revenues DI M Font 12 Expenses: Rent Expense 13 14 Wages Expense 15 Utilities Expense 16 Income Tax Expense 17 Net income PAGE LAYOUT 11 A A Relationships among Financial Statements - Excel DATA REVIEW fx FORMULAS % Alignment Number A B 1 Presented below are incomplete financial statements for Marta Communications, Inc. 2 MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20X1 $34,500 Cell Conditional Format as Formatting Table Styles Styles Presented below are incomplete financial statements for Marta Communications, 2,600 VIEW C 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 4,800 800 $4,100 ? El Cells Editing D 4 Sign In x
Paste 8 Clipboard A1 Calibri BIU I A Font X Sheet1 11 18 19 20 21 22 23 Retained Earnings, March 1, 20X1 24 Add: Net income 25 Subtract: Dividends 26 Retained Earnings, March 31, 20X1 27 28 29 30 31 32 Asset: 33 Cash 34 Accounts receivable 35 Office supplies 36 Land 37 Total Assets 38 39 40 41 Α Α΄ + % Alignment Number Conditional Format as MARTA COMMUNICATIONS, INC. Statement of Retained Earnings For the Month Ended March 31, 20X1 Ill Cell Formatting Table Styles Styles Presented below are incomplete financial statements for Marta Communications, B $0 (500) MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20x1 Liabilities $3,400 Accounts payable Stockholders' Equity 2,300 Common stock 12,000 Retained earnings с ◄ Total Liabilities and Stockholders' Equity Cells Editing m $6,800 14,000 €
Transcribed Image Text:Paste 8 Clipboard A1 Calibri BIU I A Font X Sheet1 11 18 19 20 21 22 23 Retained Earnings, March 1, 20X1 24 Add: Net income 25 Subtract: Dividends 26 Retained Earnings, March 31, 20X1 27 28 29 30 31 32 Asset: 33 Cash 34 Accounts receivable 35 Office supplies 36 Land 37 Total Assets 38 39 40 41 Α Α΄ + % Alignment Number Conditional Format as MARTA COMMUNICATIONS, INC. Statement of Retained Earnings For the Month Ended March 31, 20X1 Ill Cell Formatting Table Styles Styles Presented below are incomplete financial statements for Marta Communications, B $0 (500) MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20x1 Liabilities $3,400 Accounts payable Stockholders' Equity 2,300 Common stock 12,000 Retained earnings с ◄ Total Liabilities and Stockholders' Equity Cells Editing m $6,800 14,000 €
Expert Solution
Step 1

Lets understand the basics.

For calculating missing figures, we need to understand below things.

(1) Net income = Income - Expense. If we have figure of either income or expense or net income then we can calculate other figure.

(2) Asset = Equity + Liability. So when we have any two of these available then we can calculate other.

steps

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