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20 21 MARTA COMMUNICATIONS, INC. 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 Presented below are incomplete financial statements for Marta Communications, Inc. Required: 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 indicating the relationship between the two statements. MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20x1 Sales Revenues $34,500 Expenses: Rent Expense 2,600 Wages Expense Utilities Expense 4,800 Income Tax Expense 800 Net income $4,100 20 21 MARTA COMMUNICATIONS, INC. 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 Presented below are incomplete financial statements for Marta Communications, Inc. Required: 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 indicating the relationship between the two statements. MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20x1 Sales Revenues $34,500 Expenses: Rent Expense 2,600 Wages Expense Utilities Expense 4,800 Income Tax Expense 800 Net income $4,100