Question

XS FILE HOME Relationships among Financial Statements - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW INSERT Sign In fc Calculate Now Calculation RC Function Defined Formula Library Names' Auditing Calculation Presented below are incomplete financial statements for Marta Communications, B 1 Presented below are incomplete financial statements for Marta Communications, Inc. 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. MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20X1 11 Sales Revenues $34,500 12 Expenses: 13 Rent Expense 2,600 14 Salaries Expense 15 Utilities Expense 4,800 16 Income Tax Expense 800 17 Net income $4,100 MARTA COMMUNICATIONS, INC. Statement of Stockholders' Equity For the Month Ended March 31: 20X1 Common Stock Retained Earnings Total 23 Beginning Balance (March 1, 20X1) SO $0 $0

Answer 1

MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20X1 Sales Revenues $34,500 Expenses: Rent Expense $ 2,600 Salaries Expense $ 22,200 Utilities Expense $ 4,800 Income Tax Expense $ 800 Net Income $ 4,100 Working Notes: Net Income = Sales Revenues - Expenses $4,100 = $34,500 - Expenses Expenses = $34,500-$4,100 = $30,400 Expenses = Rent Expense + Salaries Expense + Utilities Expense + Income Tax Expense $30,400 = $2,600 + Salaries Expense + $4,800+$800 Salaries Expenses = $30,400-$2,600-$4,800-$800 = $22,200