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, =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,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: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. 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 MARTA COMMUNICATIONS, INC. Statement of Retained Earnings For the Month Ended March 31, 20X1 Retained Earnings, March 1, 20X1 Add: Net income Subtract: Dividends Retained Earnings, March 31, 20X1 $0 (500) Assets 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 Cash Accounts receivable Office supplies Land Total Assets $6,800 14,000
