MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20X1 Sales Revenues Expenses: Rent...

Transcribed Image Text:

MARTA COMMUNICATIONS, INC. Income Statement For the Month Ended March 31, 20X1 Sales Revenues Expenses: Rent Expense Salaries Expense Utilities Expense Income Tax Expense Net income Beginning Balance (March 1, 20X1) Issuance of common stock $34,500 2,600 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 $0 Total $0 $14,000 Issuance of common stock Add: Net income for March Less: Dividends Ending Balance (March 31, 20X1) Assets Cash Accounts receivable Supplies Land Total Assets $14,000 $14,000 MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20X1 Liabilities $3,400 2,300 12,000 (500) Accounts payable Stockholders' Equity Common stock Retained earnings Total Liabilities and Stockholders' Equity $14,000 4,100 (500) $17,600 $6,800 14,000 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 Expenses: Rent Expense Salaries Expense Utilities Expense Income Tax Expense Net income Beginning Balance (March 1, 20X1) Issuance of common stock $34,500 2,600 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 $0 Total $0 $14,000 Issuance of common stock Add: Net income for March Less: Dividends Ending Balance (March 31, 20X1) Assets Cash Accounts receivable Supplies Land Total Assets $14,000 $14,000 MARTA COMMUNICATIONS, INC. Balance Sheet At March 31, 20X1 Liabilities $3,400 2,300 12,000 (500) Accounts payable Stockholders' Equity Common stock Retained earnings Total Liabilities and Stockholders' Equity $14,000 4,100 (500) $17,600 $6,800 14,000 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.