Annual Report Project Pt 1 0 1 . . 10 points 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(B15,816)" 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. Skipped eBook Print x 5 5 X Relationships among Financial Statements - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE HOME INSERT Sign In References Calibri 11 V A Paste BIU - % Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Clipboard Font A B11 fx 34500 B D 1 Presented below are incomplete financial statements for Marta Communications, Inc. 2 2 3 Required: 4 Solve for the missing amounts. NOTE: When an amount on one financial statement is again shown on 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 MARTA COMMUNICATIONS, INC. 9 Income Statement 10 For the Month Ended March 31, 20X1 11 Sales Revenues $34,500 12 Expenses: 13 Rent Expense 2,600 14 Wages Expense 15 Utilities Expense 4.800 16 Income Tax Expense 800 17 Net income $4,100 18 19 20 MARTA COMMUNICATIONS, INC. 21 Statement of Retained Earnings 22 For the Month Ended March 31, 20X1 23 Retained Earnings, March 1, 20X1 $0 24 Add: Net income Sheet1 READY HE Attempt(s) + 100% Hint D A B 19 20 MARTA COMMUNICATIONS, INC. 21 Statement of Retained Earnings 22 For the Month Ended March 31, 20X1 23 Retained Earnings, March 1, 20X1 $0 24 Add: Net income 25 Subtract: Dividends (500) 26 Retained Earnings, March 31, 20X1 27 28 29 MARTA COMMUNICATIONS, INC. 30 Balance Sheet 31 At March 31, 20X1 32 Assets Liabilities 33 Cash $3,400 Accounts payable 34 Accounts receivable Stockholders' Equity 35 Office supplies 2,300 Common stock 36 Land 12,000 Retained earnings 37 Total Assets Total Liabilities and Stockholders' Equity 38 39 $6,800 14,000 40 41 Sheet1 +