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Using your spreadsheet from Part 1, assume the following information and change your spreadsheet setup...

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Accounting

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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 Revenues ? Expenses 30,500 Net Income 80,500 222,000 Relationship #2 Beginning Retained Earnings Net Income Dividends Ending Retained Earnings Relationship #3 Assets Liabilities Common Stock Retained Earnings 15,500 129,500 37,500 ? Required: 1. Complete the table below based on your results: Revenues Beginning Retained Earnings Net Income (Relationship #2) Liabilities Retained Earnings (Relationship #3) 2. Which formula would be incorrect in arriving at Retained Earnings in Relationship #3? O=G18 0 = J15-J16-J17 O=G15+G16-G17 O=G18-G15+G17 3. Assume the Net Income was actually a Net Loss of $15,500, Expense were $64,400, Beginning Retained Earnings was $81,000, and Ending Retained Earnings was unknown. Which of the following amounts will change? O Ending Retained Earnings only O Revenues and Common Stock Ending Retained Earnings and Common Stock O Ending Retained Earnings and Revenue 4. What is the revised ending balance in Retained Earnings? O $50,000 O $58,900 O $68,900 O $57.900

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