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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.
Line Item Description | Amount | Amount |
---|---|---|
Fees earned | $400,000 | |
Expenses: | ||
Wages expense | $fill in the blank 1 | |
Rent expense | 45,000 | |
Supplies expense | 17,800 | |
Utilities expense | 14,300 | |
Miscellaneous expense | 5,000 | |
Total expenses | (286,100) | |
Net income | $fill in the blank 2 |
Line Item Description | Common Stock | Retained Earnings | Total |
---|---|---|---|
Balances, May 1, 20Y6 | $0 | $0 | $0 |
Issued common stock | fill in the blank 3 | fill in the blank 4 | |
Net income | fill in the blank 5 | fill in the blank 6 | |
Dividends | fill in the blank 7 | fill in the blank 8 | |
Balances, May 31, 20Y6 | $fill in the blank 9 | $fill in the blank 10 | $fill in the blank 11 |
Line Item Description | Amount | Amount |
---|---|---|
Assets | ||
Cash | $123,600 | |
Supplies | 12,600 | |
Land | fill in the blank 12 | |
Total assets | $fill in the blank 13 | |
Liabilities | ||
Accounts payable | $55,300 | |
Stockholders Equity | ||
Common stock | $fill in the blank 14 | |
Retained earnings | fill in the blank 15 | |
Total stockholders equity | fill in the blank 16 | |
Total liabilities and stockholders equity | $fill in the blank 17 |
Line Item Description | Amount | Amount |
---|---|---|
Cash flows from (used for) operating activities: | ||
Cash received from customers | $fill in the blank 18 | |
Cash paid for expenses and to creditors | (243,400) | |
Net cash flows from operating activities | $fill in the blank 19 | |
Cash flows from (used for) investing activities: | ||
Cash paid for acquisition of land | (122,000) | |
Cash flows from (used for) financing activities: | ||
Cash received from issuing common stock | $150,000 | |
Cash paid for dividends | (61,000) | |
Net cash flows from financing activities | fill in the blank 20 | |
Net increase (decrease) in cash | $fill in the blank 21 | |
Cash balance, May 1, 20Y6 | 0 | |
Cash balance, May 31, 20Y6 | $fill in the blank 22 |
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