Missing Amounts from Financial Statements

The financial statements at the end of Paradise Realty's first month of operations are shown below.

PARADISE REALTY

Income Statement

For the Month Ended November 30, 20Y3

Fees earned

$352,900

Operating expenses:

Wages expense

$ (a)

Rent expense

63,522

Supplies expense

53,994

Utilities expense

44,465

Miscellaneous expense

15,881

Total operating expenses

(255,500)

Net income

$ (b)

PARADISE REALTY

Statement of Stockholders' Equity

For the Month Ended November 30, 20Y3

Common Stock

Retained Earnings

Total

Balances, Nov. 1, 20Y3

$0

$0

$0

Issuance of common stock

274,000

274,000

Net income

(c)

(c)

Dividends

(d)

(d)

Balances, Nov. 30, 20Y3

$274,000

$(e)

$346,740

November 30, 20Y3

Assets

Cash

$ 188,775

Supplies

72,892

Land

(f)

Total assets

$ (g)

Liabilities

Note payable

$ 124,927

Stockholders' Equity

Common stock

$ (h)

Retained earnings

(i)

Total stockholders' equity

(j)

Total liabilities and stockholders' equity

(k)

PARADISE REALTY

Statement of Cash Flows

For the Month Ended November 30, 20Y3

Cash flows from operating activities:

Cash received from customers

$ (l)

Deduct cash payments for expenses and payments to creditors

(203,465)

Net cash flows from operating activities

$ (m)

Cash flows used for investing activities:

Cash payments for acquisition of land

(210,000)

Cash flows from financing activities:

Cash received from issuing common stock

$ 274,000

Deduct dividends

(24,660)

Net cash flows from financing activities

(n)

Net increase in cash during month

(o)

Cash as of November 1

0

Cash as of November 30

(o)

Instructions:

Instructions:

1.Would you classify a realty business such as Paradise Realty as a manufacturing, merchandising, or service business?

manufacturing business

2. By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through (o). Enter all amounts as positive numbers.

a.Wages expense

$

b.Net income

$

c.Net income for November

$

d.Dividends

$

e.Retained earnings, November 30, 20Y3

$

f.Land

$

g.Total assets

$

h.Common stock

$

i.Retained earnings

$

j.Total stockholders' equity

$

k.Total liabilities and stockholders' equity

$

l.Cash received from customers

$

m.Net cash flows from operating activities

$

n.Net cash flows from financing activities

$

o.Net cash flow and November 30, 20Y3 cash balance

$