1. Solve for the missing amounts and understand how the financial statements are linked. (Use excel formulas)

x H ? Relationships among Financial Statements - Excel El 1 X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Colors - A Fonts Width: Automatic | Height: Automatic- Scale: 100% Themes Margins Orientation Size Print Breaks Background Print Area Titles Arrange Effects Sheet Options Themes Page Setup Scale to Fit Al fx Presented below are incomplete financial statements for Marta A B C D 1 Presented below are incomplete financial statements for Marta Communications, Inc. 2 3 Required: 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 10 8 MARTA COMMUNICATIONS, INC. 9 Income Statement For the Month Ended March 31, 20X1 11 Sales Revenues $34,500 12 Expenses: 13 Rent Expense 2,600 14 Wages Expense 15 Utilities Expense 4,800 16 Income Tax Expense 800 17 Net income $4,100 00 19 20 MARTA COMMUNICATIONS, INC. 21 Statement of Retained Earnings 22 For the Month Ended March 31, 20X1 23 Retained Earnings, March 1, 20X1 24 Add: Net income Sheet1 $0 E READY + 100% Attempt(s) Hint Show Me 19 $0 20 MARTA COMMUNICATIONS, INC. 21 Statement of Retained Earnings 22 For the Month Ended March 31, 20X1 23 Retained Earnings, March 1, 20X1 24 Add: Net income 25 Subtract: Dividends 26 Retained Earnings, March 31, 20X1 27 (500) 28 29 30 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 31 32 Assets 33 Cash 34 Accounts receivable 35 Office supplies 36 Land 37 Total Assets $6,800 14,000 38 39 40 41 Sheet1 +