Question

Required: ae NOTE WRic OR GRO another statement, you MUST reference the cell from the earlier stat indicating the relationship between the two statements. rather than calculate the amount, thus MARTA COMMUNICATIONS Income Statement For the Month Ended March 31, 20X1 Sales Revenues $34,500 Expenses Rent Expense Wages Expense Utilities Expense Advertising Expense 4,800 800 S4,100 Net income

Answer 1

MARTA COMMUNICATIONS INC

INCOME STATEMENT

FOR THE MONTH ENDED MARCH 31,20X1

SALES REVENUES	34500
EXPENSES:-
RENT EXPENSE	2600
SALARIES EXPENSES	22200	[34500-2600-4800-800-4100]
UTILITES EXPENSES	4800
INCOME TAX EXPENSE	800
NET INCOME	4100

MARTA COMMUNICATIONS INC

STATEMENT OF STOCKHOLDERS EQUITY

FOR THE MONTH ENDDED MARCH 31, 20X1

	COMMON STOCK	RETAINED EARNINGS
BEGINNING BALANCE	0	0	0
ISSUANCE OF COMMON STOCK	14000		14000
ISSUANCE OF COMMON STOCK	14000		14000
ADD:- NET INCOME FOR MARCH		4100	4100
LESS:-DIVIDEND		-500	-500
ENDING BALANCE	14000	3600	17600

MARTA COMMUNICATIONS INC

BALANCE SHEET AT MARCH 31,20X1

ASSETS	AMOUNT	LIABILITIES	AMOUNT
CASH	3400	ACCOUNTS PAYABLE	6800
ACCOUNTS RECEIVABLE	6700	STOCK HOLDER EQUITY COMMON STOCK	14000
SUPPLIES	2300	RETAINED EARNINGS	3600
LAND	12000
TOTAL ASSETS	24400	TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	24400

ACCOUNTS RECEIVABLE=24400-12000-2300-3400=6700