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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 | $ | ||||
Expenses: | |||||
Wages expense | $304,000 | ||||
Rent expense | 107,000 | ||||
Supplies expense | |||||
Utilities expense | 22,000 | ||||
Miscellaneous expense | 23,000 | ||||
Total expenses | (483,000) | ||||
Net income | $270,000 |
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 | (120,000) | (120,000) | |||||
Balances, April 30, 20Y0 | $ | $ | $ |
Wolverine Realty | |||||
Balance Sheet | |||||
April 30, 20Y0 | |||||
Assets | |||||
Cash | $461,000 | ||||
Supplies | 11,000 | ||||
Land | 145,000 | ||||
Total assets | $ | ||||
Liabilities | |||||
Accounts payable | $92,000 | ||||
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 | (402,000) | ||||
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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