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Excerpts of the Problem:

The financials statements at the end of Atlas Realty's first month of operations .....

Instructions:

1. By analyzing the interrelationships among the four financial statements, determine the proper amounts from (a) through (q).

OBJ. 3 PR 2-6B Missing amounts from financial statements The financial statements at the end of Atlas Realty's first month of operations are shown below. Atlas Realty Income Statement For the Month Ended May 31, 2014 $400,000 Fees earned Expenses: Wages expense. Rent expense. Supplies expense Utilities expense Miscellaneous expense. Total expenses Net income $ (a) 48,000 17,600 14,400 4,800 288,000 (b) Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 2014 LuAnn Martin, capital, May 1, 2014 Investment on May 1, 2014. Net income for May $ (c) $ (d) (e) (f) (g) $ Less withdrawals Increase in owner's equity LuAnn Martin, capital, May 31, 2014 (h) (0) Assets Atlas Realty Balance Sheet May 31, 2014 Liabilities $123,200 Accounts payable 12,800 Owner's Equity (1) LuAnn Martin, capital.. (k) Total liabilities and owner's equity Cash Supplies Land Total assets $48,000 (0) (m) $ (n) (252,800) $ (0) Atlas Realty Statement of Cash Flows For the Month Ended May 31, 2014 Cash flows from operating activities: Cash received from customers... Deduct cash payments for expenses and payments to creditors..... Net cash flows from operating activities Cash flows from investing activities: Cash payments for acquisition of land. Cash flows from financing activities: Cash received as owner's investment Deduct cash withdrawal by owner Net cash flows from financing activities Net increase (decrease) in cash and May 31, 2014, cash balance. ...... (120,000) $ 160,000 (64,000) (p) (9) $ Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (q)