5 3 points Skipped References Relationships among Financial Statements using Excel's SUM and Basic Math Functions 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 "-815-816" 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(B15.816) 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. Relationships among Financial Statements - Excel 182 FILE HOME INSERT * Calibri PAGE LAYOUT A A FORMULAS DATA REVIEW VIEW Sign in Paste BIU. Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard Font Styles A1 x Presented below are incomplete financial statements for Marta Communications, D 1 Presented below are incomplete financial statements for Marta Communications, Inc. 2 Required: 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 9 10 11 Sales Revenues 12 Expenses: 15 Rent Expense 14 Wages Expense 15 Unites Expense 16 Income Tax Expense 17 Net income 18 19 MARTA COMMUNICATIONS, INC. 21 Statement of Retained Earnings For the Month Ended March 31, 20x1 23 Retained Earnings, March 1, 20x1 24 Add: Net income READY Attempts) Sheet1 $34,500 2,600 4,800 800 54,100 50 100% result would be 5,000 bis example. 1 Relationships among Financial Statements - Excel FILE HOME INSERT PAGE LAYOUT Calibri -11 A A Paste BIU Clipboard Font A1 3 1 X A 17 Net income FORMULAS DATA REVIEW ? x VIEW Sign In Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Presented below are incomplete financial statements for Marta Communications, 18 19 20 21 22 MARTA COMMUNICATIONS, INC. Statement of Retained Earnings For the Month Ended March 31, 20x1 23 Retained Earnings, March 1, 20x1 24 Add: Net income 25 Subtract: Dividends 26 Retained Earnings, March 31, 20x1 27 28 29 30 31 32 Assets 33 Cash B $4,100 $0 (500) MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20x1 Liabilities $3,400 Accounts payable C 34 Accounts receivable Stockholders' Equity 36 Land 35 Office supplies 37 Total Assets 2,300 Common stock 12,000 Retained earnings Total Liabilities and Stockholders' Equity 38 39 40 READY Attempt(s) Sheet1 D $6,800 14,000 100%