
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![**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:** [Blank]
- **Utilities Expense:** $4,800
- **Income Tax Expense:** $800
- **Net Income:** $4,100
---
In this document, you are tasked with finding the missing amounts using the information provided and understanding the relationships between financial statements. Note that the 'Wages Expense' value is missing and needs to be calculated.](https://content.bartleby.com/qna-images/question/fda4760b-60b1-430e-9684-85e29d908d85/08114884-25ec-433e-90c0-7536c6cb8da4/lzbwz1f_thumbnail.png)
Transcribed Image Text:**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:** [Blank]
- **Utilities Expense:** $4,800
- **Income Tax Expense:** $800
- **Net Income:** $4,100
---
In this document, you are tasked with finding the missing amounts using the information provided and understanding the relationships between financial statements. Note that the 'Wages Expense' value is missing and needs to be calculated.

Transcribed Image Text:### Marta Communications, Inc. Financial Statements
**1. Statement of Retained Earnings for the Month Ended March 31, 20X1**
- **Retained Earnings, March 1, 20X1:** $0
- **Add: Net Income**
- **Subtract: Dividends:** ($500)
- **Retained Earnings, March 31, 20X1**
This statement shows the changes in retained earnings for the month. Initially, the retained earnings are zero. Dividends of $500 are subtracted, but net income is not indicated.
---
**2. Balance Sheet at March 31, 20X1**
**Assets:**
- **Cash:** $3,400
- **Accounts Receivable:**
- **Office Supplies:** $2,300
- **Land:** $12,000
- **Total Assets:**
**Liabilities:**
- **Accounts Payable:** $6,800
**Stockholders' Equity:**
- **Common Stock:**
- **Retained Earnings:**
- **Total Liabilities and Stockholders' Equity:**
This balance sheet displays the financial position at the end of March. While asset totals, liabilities, and portions of stockholders' equity are listed, several figures remain incomplete.
**Note:** The financial statements are not fully detailed as some values are missing, including net income, accounts receivable, total assets, common stock, retained earnings, and total liabilities, and stockholders' equity. Further information is needed to complete these sections.
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