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:

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