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Missing amounts from financial statements The financial statements at the end of Atlas Realtys first month of operations follow: By analyzing the interrelationships among the
Missing amounts from financial statements
The financial statements at the end of Atlas Realtys first month of operations follow:
By analyzing the interrelationships among the four financial statements, determine the missing amounts. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.
Atlas Realty | |||||
Income Statement | |||||
For the Month Ended May 31, 20Y6 | |||||
Fees earned | $398,000 | ||||
Expenses: | |||||
Wages expense | $ | ||||
Rent expense | 50,000 | ||||
Supplies expense | 17,100 | ||||
Utilities expense | 14,500 | ||||
Miscellaneous expense | 4,300 | ||||
Total expenses | (288,900) | ||||
Net income | $ |
Atlas Realty | |||||||
Statement of Stockholders Equity | |||||||
For the Month Ended May 31, 20Y6 | |||||||
Common Stock | Retained Earnings | Total | |||||
Balances, May 1, 20Y6 | $0 | $0 | $0 | ||||
Issued common stock | |||||||
Net income | |||||||
Dividends | |||||||
Balances, May 31, 20Y6 | $ | $ | $ |
Atlas Realty | |||||
Balance Sheet | |||||
May 31, 20Y6 | |||||
Assets | |||||
Cash | $123,600 | ||||
Supplies | 12,500 | ||||
Land | |||||
Total assets | $ | ||||
Liabilities | |||||
Accounts payable | $51,000 | ||||
Stockholders Equity | |||||
Common stock | $ | ||||
Retained earnings | |||||
Total stockholders equity | |||||
Total liabilities and stockholders equity | $ |
Atlas Realty | |||||
Statement of Cash Flows | |||||
For the Month Ended May 31, 20Y6 | |||||
Cash flows from (used for) operating activities: | |||||
Cash received from customers | $ | ||||
Cash paid for expenses and to creditors | (250,400) | ||||
Net cash flows from operating activities | $ | ||||
Cash flows from (used for) investing activities: | |||||
Cash paid for acquisition of land | (124,000) | ||||
Cash flows from (used for) financing activities: | |||||
Cash received from issuing common stock | $160,000 | ||||
Cash paid for dividends | (60,000) | ||||
Net cash flows from financing activities | |||||
Net increase (decrease) in cash | $ | ||||
Cash balance, May 1, 20Y6 | 0 | ||||
Cash balance, May 31, 20Y6 | $ |
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