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, "=811" was entered, the formula would output the result from cell 811, 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+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. Al fx Presented below are incomplete financial statements for Marta Communications, B 1 Presented below are incomplete financial statements for Marta Communications, Inc. 2 3 Required: 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 For the Month Ended March 31, 20X1 8 9 10 11 Sales Revenues 12 Expenses: 13 Rent Expense 14 Salaries Expense 15 Utilities Expense 16 Income Tax Expense 17 Net income 18 20 21 22 23 Beginning Balance (March 1, 20X1) 24 Issuance of common stock $34,500 2,600 22,200 4,800 800 $4,100 MARTA COMMUNICATIONS, INC. Statement of Stockholders' Equity For the Month Ended March 31, 20X1 Common Stock Retained Earnings $0 $14,000 READY Sheet1 Total SO $0 $14,000 100% A1 Presented below are incomplete financial statements for Marta Communications, B D 18 19 20 21 23 Beginning Balance (March 1, 20X1) 24 Issuance of common stock 25 Add: Net income for March 26 Less: Dividends 2222222853 27 Ending Balance (March 31, 20X1) 29 30 31 32 Assets Cash MARTA COMMUNICATIONS, INC. Statement of Stockholders' Equity For the Month Ended March 31, 20X1 Common Stock Retained Earnings SO $14,000 $14,000 MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20X1 Liabilities Total $0 SO $14,000 4,100 (500) (500) $17,600 33 $3,400 Accounts payable 34 Accounts receivable 35 Supplies 2,300 Common stock 36 Land 12,000 37 Total Assets Stockholders' Equity Retained earnings Total Liabilities and Stockholders' Equity 38 39 40 41 READY Attempt(s) Sheet1 $6,800 14,000 100% Hint