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Missing Amounts from Financial Statements The financial statements at the end of Atlas Realty's first month of operations follow: Required: Analyze the interrelationships among the
Missing Amounts from Financial Statements
The financial statements at the end of Atlas Realty's first month of operations follow:
Required:
Analyze the interrelationships among the four financial statements and enter the missing amounts. If an amount is zero, enter "0".
Atlas Realty | ||
Income Statement | ||
For the Month Ended May 31, 2018 | ||
Fees earned | $400,000 | |
Expenses: | ||
Wages expense | $ | |
Rent expense | 48,000 | |
Supplies expense | 17,600 | |
Utilities expense | 14,400 | |
Miscellaneous expense | 4,800 | |
Total expenses | 288,000 | |
Net income | $ |
Atlas Realty | ||
Retained Earnings Statement | ||
For the Month Ended May 31, 2018 | ||
Retained earnings, May 1, 2018 | $ | |
Net income | $ | |
Dividends | ||
Change in retained earnings | ||
Retained earnings, May 31, 2018 | $ |
Atlas Realty | ||
Balance Sheet | ||
May 31, 2018 | ||
Assets | ||
Cash | $123200 | |
Supplies | 12,800 | |
Land | ||
Total assets | $ | |
Liabilities | ||
Accounts payable | $48,000 | |
Stockholders Equity | ||
Common stock | $ | |
Retained earnings | ||
Total stockholders' equity | ||
Total liabilities and stockholders equity | $ |
Use the minus sign to indicate cash outflows, decreases in cash, and cash payments.
Atlas Realty | ||
Statement of Cash Flows | ||
For the Month Ended May 31, 2018 | ||
Cash flows from operating activities: | ||
Cash received from customers | $ | |
Cash payments for expenses and payments to creditors | -252,800 | |
Net cash flows from operating activities | $ | |
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 | |
Cash dividends | -64,000 | |
Net cash flows from financing activities | ||
Net increase (decrease) in cash and May 31, 2018, cash balance | $ |
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