Question
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
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 | $fill in the blank 1 | ||||
| Expenses: | |||||
| Wages expense | $300,000 | ||||
| Rent expense | 100,000 | ||||
| Supplies expense | fill in the blank 2 | ||||
| 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 | fill in the blank 3 | fill in the blank 4 | |||||
| Net income | fill in the blank 5 | fill in the blank 6 | |||||
| Dividends | (125,000) | (125,000) | |||||
| Balances, April 30, 20Y0 | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 | ||||
| Wolverine Realty | |||||
| Balance Sheet | |||||
| April 30, 20Y0 | |||||
| Assets | |||||
| Cash | $462,500 | ||||
| Supplies | 12,500 | ||||
| Land | 150,000 | ||||
| Total assets | $fill in the blank 10 | ||||
| Liabilities | |||||
| Accounts payable | $100,000 | ||||
| Stockholders Equity | |||||
| Common stock | $375,000 | ||||
| Retained earnings | fill in the blank 11 | ||||
| Total stockholders equity | fill in the blank 12 | ||||
| Total liabilities and stockholders equity | $fill in the blank 13 | ||||
| Wolverine Realty | |||||
| Statement of Cash Flows | |||||
| For the Month Ended April 30, 20Y0 | |||||
| Cash flows from (used for) operating activities: | |||||
| Cash received from customers | $fill in the blank 14 | ||||
| Cash paid for expenses and to creditors | (387,500) | ||||
| Net cash flows from operating activities | $fill in the blank 15 | ||||
| Cash flows from (used for) investing activities: | |||||
| Cash paid for land | fill in the blank 16 | ||||
| Cash flows from (used for) financing activities: | |||||
| Cash received from issuing common stock | $fill in the blank 17 | ||||
| Cash paid for dividends | fill in the blank 18 | ||||
| Net cash flows from financing activities | fill in the blank 19 | ||||
| Net increase (decrease) in cash | $fill in the blank 20 | ||||
| Cash balance, April 1, 20Y0 | 0 | ||||
| Cash balance, April 30, 20Y0 | $fill in the blank 21 | ||||
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
