Question

Marta Communications, Inc. has provided incomplete financial statements for the month ended March 31. The Controller has asked you to help calculate the missing amounts in the incomplete financial statements. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

• Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, “=B11” was entered, the formula would output the result from cell B11, or $34,500 in this example.
• Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell “=B15+B16” was entered, the formula would add the values from those cells and output the result, or 5,600 in this example. If using the other math symbols the result would output an appropriate answer for its function.
• SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell “=SUM(B15,B16)” was entered, the formula would output the result of adding those two separate cells, or 5,600 in this example. Similarly, if in a blank cell “=SUM(B15:B16)” was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 5,600 in this example.

A B D 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. 7 8 $34,500 MARTA COMMUNICATIONS, INC. 9 Income Statement 10 For the Month Ended March 31, 20X1 11 Sales Revenues 12 Expenses: 13 Rent Expense 14 Salaries Expense 15 Utilities Expense 16 Income Tax Expense 17 Net income 2,600 22,200 4,800 800 $4,100

Answer 1

G18 fax =G8-G16 А B F H 1 с D E Marta Communication, Inc. Income statement For the month end March 31,2k01,2k01 Amount 34500 34500 2 3 4 Particulars 5 Revenues : 6 Sales Revenue 7 8 Total Revenue 9 10 Expenses: 11 Rent Expenses 12 Salaries Expenses 13 Utility Expenses 14 Income tax Expenses 15 16 Total Expenses 17 18 Net Income 2600 22200 4800 800 30400 4100

G27 =SUM(C27:F27) A B E F H 19 20 с D Marta Communication Inc. Statement of Shareholder's Equity For the month ended March 31,2k01 Common Stock Retained Earnings Total 0 0 0 14000 14000 21 22 23 Beginning Balance March 1,2k01) 24 Issuance of common Stock 25 Add: Net Income 26 Less: Dividends 27 Ending Balance March 31,2k01) 28 4100 4100 -500 -500 14000 3600 17600

G27 fi =SUM(C27:F27) A B C D E F H 1 28 29 30 31 Amount Marta Communication Inc. Balance Sheet As of March 31,2k01 Amount Liabilities: 3400 Accounts Payable 6700 2300 Equity : 12000 Common Stock Retained Earnings 32 Assets : 33 Cash 34 Accounts Receivables 35 Supplies 36 Land 37 6800 14000 3600 38 39 Total Assets 40 24400 Total Liabilities and equity 24400 41