Question

Must include the formula to the answer

? x Relationships among Financial Statements - Excel PAGE LAYOUT FORMULAS DATA REVIEW - Sign In FILE HOME INSERT VIEW Calibri (11 - Å - A Å Alignment Number Paste B I U - Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font B34 v v for MARTA COMMUNICATIONS, INC. Statement of Stockholders' Equity For the Month Ended March 31, 20X1 Common Stock Retained Earnings $0 $0 $14,000 23 Beginning Balance (March 1, 20X1) 24 Issuance of common stock 25 Add: Net income for March 26 Less: Dividends 27 Ending Balance (March 31, 20X1) Total $0 $14,000 4,100 (500) $17,600 4,100 (500) $3,600 T $14,000 MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20X1 Liabilities $3,400 Accounts payable Stockholders' Equity 2,300 Common stock 12,000 Retained earnings Total Liabilities and Stockholders' Equity 32 Assets Cash 34 Accounts receivable Supplies Land Total Assets $6,800 14,000 ... Sheet1 ... + @ J - + 100% READY Attempt(s) 2/3

Answer 1

Solution:

MARTA COMMUNICATIONS, INC.
Balance Sheet
At March 31 , 20X1
Assets		Liabilities
Cash	$             3,400	Accounts payable	$       6,800
Accounts receivable	$             6,700	Stockholders` Equity
Supplies	$             2,300	Common Stock	$     14,000
Stores and property	$           12,000	Retained Earnings	$       3,600
Total Assets	$           24,400	Total Liabilities & shareholders` equity	$     24,400

Notes:

1) Retained Earnings as on At March 31 , 20X1 is provided in the question as $ 3,600

2) Through retained earnings, we find total liabilities.

3) In Balance Sheet, Total Assets must be equal to Total Liabilities.

4) So, Total Assets are $ 24,400

5) Accounts Receivables = Total Assets - Cash - Supplies - Stores and property

= $ 24,400 - 3,400- $2,300- $ 12,000 = $ 6,700