Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help ASAP!! Include steps for the blanks! REQUIRED: Home B A 7 4 Solve for the missing amounts. NOTE: When an amount on one
Need help ASAP!! Include steps for the blanks!
REQUIRED: Home B A 7 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 10.5 points Skipped eBook References 8 MARTA COMMUNICATIONS, INC. 9 Income Statement 10 For the Month Ended March 31, 20X1 $34,500 11 Sales Revenues 12 Expenses: 2,600 13 Rent Expense 14 Salaries Expense 15 Utilities Expense 4.800 800 16 Income Tax Expense 17 Net income $4,100 18 19 MARTA COMMUNICATIONS, INC. 20 Statement of Stockholders' Equity 21 For the Month Ended March 31, 20X1 22 Common Stock Retained Earnings 23 Beginning Balance (March 1, 20X1) SO 24 Issuance of common stock $14,000 25 Add: Net income for March 26 Less: Dividends 27 Ending Balance (March 31, 20X1) $14.000 Sheet1 SO Total $0 $14,000 4.100 (500) $17.600 4,100 (500) $3,600 READY Attempts 100% 2/3 A B 8 9 0 MARTA COMMUNICATIONS, INC. Statement of Stockholders' Equity For the Month Ended March 31, 20X1 Common Stock Retained Earnings $0 $14,000 $0 2 3 Beginning Balance (March 1, 20X1) 4 Issuance of common stock 5 Add: Net income for March 6 Less: Dividends 7 Ending Balance (March 31, 20X1) 28 9 4,100 (500) $3,600 Total $0 $14,000 4,100 (500) $17,600 $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 30 51 32 Assets 33 Cash 34 Accounts receivable 35 Supplies 36 Land 37 Total Assets 38 39 $6,800 14,000 3,600 $24,400 -40 41 Sheet1 READY 100 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started