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answer all parts of this question please Missing amounts from financial statements The financial statements at the end of Wolverine Realtys first month of operations
answer all parts of this question please
Missing amounts from financial statements
The financial statements at the end of Wolverine Realtys first month of operations are as follows:
By analyzing the interrelationships among the four financial statements, determine the proper amounts for the missing items. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.
Wolverine Realty
Income Statement
For the Month Ended April 30, 20Y0
Fees earned $
Expenses:
Wages expense $300,000
Rent expense 100,000
Supplies expense
Utilities expense 20,000
Miscellaneous expense 25,000
Total expenses (475,000)
Net income $275,000
Wolverine Realty
Statement of Stockholders' Equity
For the Month Ended April 30, 20Y0
Common Stock Retained Earnings Total
Balances, April 1, 20Y0 $0 $0 $0
Issued common stock
Net income
Dividends (125,000) (125,000)
Balances, April 30, 20Y0 $ $ $
Wolverine Realty
Balance Sheet
April 30, 20Y0
Assets
Cash $462,500
Supplies 12,500
Land 150,000
Total assets $
Liabilities
Accounts payable $100,000
Stockholders Equity
Common stock $375,000
Retained earnings
Total stockholders equity
Total liabilities and stockholders equity $
Wolverine Realty
Statement of Cash Flows
For the Month Ended April 30, 20Y0
Cash flows from (used for) operating activities:
Cash received from customers $
Cash paid for expenses and to creditors (387,500)
Net cash flows from operating activities $
Cash flows from (used for) investing activities:
Cash paid for land
Cash flows from (used for) financing activities:
Cash received from issuing common stock $
Cash paid for dividends
Net cash flows from financing activities
Net increase (decrease) in cash $
Cash balance, April 1, 20Y0 0
Cash balance, April 30, 20Y0 $
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