Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answers in the blanks need be in formula form thank youu!! Marta Communications, Inc. has provided incomplete financial statements for the month ended March 31.

answers in the blanks need be in formula form thank youu!!
image text in transcribed
image text in transcribed
image text in transcribed
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 011, 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 stash 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(815,816)* 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(B15:816)" 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 8 9 B D 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 MARTA COMMUNICATIONS, INC. 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 25 Subtract: Dividends (500) 26 Retained Earnings, March 31, 20X1 27 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 Assets Cash Accounts receivable Office supplies Land Total Assets $6.800 14.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Reporting In A Competitive Economy (RLE Accounting)

Authors: Herman W. Bevis

1st Edition

1138966819, 9781138966819

More Books

Students also viewed these Accounting questions