Question

Solve for the missing amounts:

1 Presented below are incomplete financial statements for Marta Communications, Inc. 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. 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 17 Net income $4,100 18 800

Solve for amounts in boxes highlighted.

Answer 1

Salaries expense is = (Sales Revenue - Rent expense - Utilities expense - Income tax expense - Net Income) Salaries expense is = (34500-2600-4800-800-4100) Salaries expense is = $ 22,200/. Retained earnings is = Net Income = $ 4,100/. Ending balance of March 31, 20X1 is = (0+4100-500) Ending balance of March 31, 20X1 is = $ 3,600/. Stockholders equity is = $ 3,600/. Total liabilities and stockholders equity is = (6800+14000+3600) Total liabilities and stockholders equity is = $ 24,400/. As per accounting equation, Total Assets = Total Liabilities and Total stockholders equity (3400+Accounts Receivable+2300+12000)=24400 Accounts Receivable is = (24400-3400-2300-12000) Accounts Receivable is = $ 6,700/.