Missing amounts from financial statements OBJ. 5 The financial statements at the end of Atlas Realty’s first month of operations follow:

Atlas Realty Income Statement For the Month Ended May 31, 2016 Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $400,000 Expenses:

Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (a)

Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000 Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 Miscellaneous expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,000 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (b)

Atlas Realty Retained Earnings Statement For the Month Ended May 31, 2016 Retained earnings, May 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (c)

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (d)

Less dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (e)

Increase in retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (f)

Retained earnings, May 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (g)

Atlas Realty Balance Sheet May 31, 2016 Assets Liabilities Cash . . . . . . . . . . . . . . . . . . . . . . . . $123,200 Accounts payable . . . . . . . . . . . . . . . . $48,000 Supplies . . . . . . . . . . . . . . . . . . . . 12,800 Stockholders’ Equity Land . . . . . . . . . . . . . . . . . . . . . . . . (h) Common stock . . . . . . . . . . . . . . . . . . $ (J)

Retained earnings . . . . . . . . . . . . . . . (k)

Total stockholders' equity . . . . . . . . (I)

Total assets . . . . . . . . . . . . . . . . . . $ (i)

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

Atlas Realty Statement of Cash Flows For the Month Ended May 31, 2016 Cash flows from operating activities:

Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (n)

Deduct cash payments for expenses and payments to creditors . . . . (252,800)

Net cash flows from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . $ (o)

Cash flows from investing activities:

Cash payments for acquisition of land . . . . . . . . . . . . . . . . . . . . . . . . . . . . (120,000)

Cash flows from financing activities:

Cash received from issuing common stock . . . . . . . . . . . . . . . . . . . . . . . . $ 160,000 Deduct cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (64,000)

Net cash flows from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (p)

Net increase (decrease) in cash and May 31, 2016, cash balance . . . . . . . $ (q)

Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for

(a) through (q).