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PARADISE REALTY Statement of Cash Flows For the Month Ended November 30, 20Y3 Cash flows from operating activities: Cash received from customers $ (1) Deduct
PARADISE REALTY Statement of Cash Flows For the Month Ended November 30, 20Y3 Cash flows from operating activities: Cash received from customers $ (1) Deduct cash payments for expenses and payments to creditors (196,220) Net cash flows from operating activities $ (m) Cash flows used for investing activities: (205,000) Cash payments for acquisition of land Cash flows from financing activities: Cash received from issuing common stock Deduct dividends Net cash flows from financing activities $ 284,000 (26,980) (n) Net increase in cash during month (0) Cash as of November 1 0 Cash as of November 30 (0) PARADISE REALTY Income Statement For the Month Ended November 30, 20Y3 Fees earned $328,100 Operating expenses: Wages expense $ (a) Rent expense 62,339 Supplies expense 52,988 Utilities expense 43,637 Miscellaneous expense 15,585 Total operating expenses (246,731) Net income $ (b) PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3 Common Stock Retained Earnings Balances, Nov. 1, 2013 $0 Issuance of common stock 284,000 Net income Total $0 $0 284,000 (c) (c) Dividends (d) (d) Balances, Nov. 30, 20Y3 $284,000 $(e) $338,389 PARADISE REALTY Income Statement For the Month Ended November 30, 20Y3 Fees earned $328,100 Operating expenses: Wages expense $ (a) Rent expense 62,339 Supplies expense 52,988 Utilities expense 43,637 Miscellaneous expense 15,585 Total operating expenses (246,731) Net income $ (b) 1. Would you classify a realty business such as Paradise Realty as a manufacturing, merchandising, or service 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 $ I. 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, 2013 cash balance $
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