Enter formulas in cells that contain question marks (only use formulas). After entering formulas in all of the cells that contain question marks, verify that the amounts match the example below. Relationship #1 Relationship #2 Relationship #3 Revenues $35,000 Beginning Retained Earnings 42,000 Assets $100,000 Expenses 25,000 Net Income 10,000 Liabilities 22,000 Net Income 10,000 Dividends 6,000 Common Stock 32,000 Ending Retained Earnings 46,000 Retained Earnings 46,000 Check your worksheet setup and formulas by changind Revenues to $50,000 and Expenses to $35,000. You should now have net income of $15,000, Assets of $105,000, and a balance in Retained Earnings of $51,000. If you do not get this answer, review your worksheet and the formulas you used. Using your spreadsheet from Part 1, assume the following information and change your spreadsheet setup /formulas as needed to solve for the missing values. (Remember, only use cell referencing and formulas). Relationship #1 Relationship #2 Relationship #3 Revenues ? Beginning Retained Earnings ? Assets 236,000 Expenses 34,000 Net Income ? Liabilities Net Income 84,000 Dividends 19,000 Common Stock 41,000 Ending Retained Earnings 133,000 Retained Earnings 2 Required: 1. Complete the table below based on your results: Revenues Beginning Retained Earnings Net Income (Relationship #2) Liabilities Retained Earnings (Relationship #3) 3. Assume the Net Income was actually a Net Loss of $19,000, Expense were $67,200, Beginning Retained Earnings was $88,000, and Ending Retained Earnings was unknown. Which of the following amounts will change? O Ending Retained Earnings only O Revenues and Common Stock O Ending Retained Earnings and Common Stock Ending Retained Earnings and Revenue 4. What is the revised ending balance in Retained Earnings? $50,000 O $58,200 O $68,200 O $57,200