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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I need help.
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
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.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education