1. 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				$
   Expenses:
   Wages expense		$300,000
   Rent expense		100,000
   Supplies expense
   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
   Net income
   Dividends				(125,000)		(125,000)
   Balances, April 30, 20Y0		$		$		$

   Wolverine Realty
   Balance Sheet
   April 30, 20Y0
   Assets
   Cash				$462,500
   Supplies				12,500
   Land				150,000
   Total assets				$
   Liabilities
   Accounts payable				$100,000
   Stockholders Equity
   Common stock		$375,000
   Retained earnings
   Total stockholders equity
   Total liabilities and stockholders equity				$

   Wolverine Realty
   Statement of Cash Flows
   For the Month Ended April 30, 20Y0
   Cash flows from (used for) operating activities:
   Cash received from customers		$
   Cash paid for expenses and to creditors		(387,500)
   Net cash flows from operating activities				$
   Cash flows from (used for) investing activities:
   Cash paid for land
   Cash flows from (used for) financing activities:
   Cash received from issuing common stock		$
   Cash paid for dividends
   Net cash flows from financing activities
   Net increase (decrease) in cash				$
   Cash balance, April 1, 20Y0				0
   Cash balance, April 30, 20Y0				$

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