The financial statements at the end of Wolverine Realtys first month of operations are as follows: Instructions
Question:
The financial statements at the end of Wolverine Realty’s first month of operations are as follows:
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (r).
Transcribed Image Text:
Wolverine Realty Income Statement For the Month Ended April 30, 20YO Fees earned. $ (a) Expenses: Wages expense Rent expense . Supplies expense Utilities expense Miscellaneous expense Total expenses . Net income... $300,000 100,000 (b) 20,000 25,000 (475,000) $ 275,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20YO Common Retained Stock Earnings Total Balances, April 1, 20YO.... Issued common stock. $ 0 (c) $ 0 2$ (c) (d) .. (d) (125,000) $ (e) Net income. ..... Dividends (125,000) Balances, April 30, 20YO.. $ (c) $ (f)
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a Lock Fees Earned 375000 b Utilities Expense 25000 c Retained Earnin...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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