Missing amounts from financial statements OBJ. 5 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, 2016 Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (a)

Expenses:

Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000 Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b)

Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 Miscellaneous expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475,000 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $275,000 Wolverine Realty Retained Earnings Statement For the Month Ended April 30, 2016 Retained earnings, April 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (c)

Net income for April . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (d)

Less dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,000 Increase in retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e)

Retained earnings, April 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (f )

Wolverine Realty Balance Sheet April 30, 2016 Assets Liabilities Cash . . . . . . . . . . . . . . . . . . . . . . . . . $462,500 Accounts payable . . . . . . . . . . . $100,000 Supplies . . . . . . . . . . . . . . . . . . . . . 12,500 Stockholders’ Equity Land . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Common stock . . . . . . . . . . . . . $375,000 Retained earnings . . . . . . . . . . (h)

Total stockholders’ equity . . . (i)

Total assets . . . . . . . . . . . . . . . . . . . $ (g)

Total liabilities and stockholders’ equity . . . . . . $ (j)

Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 2016 Cash flows from operating activities:
Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (k)
Deduct cash payments for expenses and payments to creditors . . . . (387,500)
Net cash flows from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . $ (l)
Cash flows used for investing activities:
Cash payments for acquisition of land . . . . . . . . . . . . . . . . . . . . . . . . . . . . (m)
Cash flows from financing activities:
Cash received from issuing common stock . . . . . . . . . . . . . . . . . . . . . . . . $ (n)
Deduct cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (o)
Net cash flows from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (p)
Net increase (decrease) in cash and April 30, 2016, cash balance . . . . . . . $ (q)
Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for

(a) through (q).