Question

50 Chapter 1 production to Accounting and Business $ 400,000 $208.000 PR 1-6B Missing amounts from financial statements The financial statements at the end of Atlas Realry's first month of operations follow Atlas Realty Income Statement $ (a) 48,000 17,600 14,400 4,800 Fees earned... Expenses Wages expense. Rent expense. Supplies expense Utilities expenses Miscellaneous expense.. Total expenses.*** Net Income... (288,000) $ (b) Atlas Realty Statement of Stockholders' Equity For the Month Ended May 31, 2016 Total Common Stock $ 0 Retained Earnings $0 (d) Balances, May 1, 2016 Issued common stock .... Net Income .... . Dividends .... Balances, May 31, 2016. 510 $la! Atlas Realty Balance Sheet May 31, 2016 Cash ..... $123,200 12,800 IN Total assets ... $ 0) Liabilities Accounts payable... $ 48,000 Stockholders' Equity Common stock.. Retained earnings.... Total stockholders' equity............. Total liabilities and stockholders equity..... $ 0) $ Im $ (n) (252,800) Atlas Reality Statement of Cash Flows for the Month Ended May 31, 2016 Cash flows from used for operating activities: Cash received from customers... Cash paid for expenses and to creditors...... Net cash flows from operating activities Cash flows from used for investing activities Cash pald for acquisition of 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, May 1, 2016... Cash balance, May 31, 2016.... Instructions Sol (120,000 $160,000 (64,000) $ analyzing the interrelationships among the four financial statements determ amounts for (a) through (1). ermine the

Answer 1

Sol $ 400,000 Income Statement Fees earned Esbenies; Wages Expense Rent Expense Supplies expenie VHlities exponse Miscellaneow expense Total expense # 203 200 440000 $ 17600 $ 19400 | $ 4800 (208000) Wed Income $1,12,000 Common Trekind Statement of shareholders, Equity Stock Earnings 1 Total Balonces, May 1, 2016 $0 $0 to Assued common stock $1,69000 - $160,000 Net Income $1,12,000 $1,12,000 Dividends (469000) (#64000) Balemce, May 31, 2016 $160,000 $ 48000 $. 208000

$1,23,200 12,800 120.000 $ 2,56,000 Balance sheet May 31, 2016 Assets Cash Supplies Land Total Assets Liabilities Accounts payable Shareholder 1 Equity Common stock Retained Eamings Total Showe holders Equity $ 40000 $1,60000 $ 48000 $ 2,08,000 Total Liabilities & Shareholders Tiquity $ 2,56,000 Statement of Cash Flower, Cash Flow From operating Activities: $ Cash Received From Customer 4,00,000 Cash paid you expenses and to creditors (252800) Net Cash Flow From operating achivos $147,200 Cash Flow From Investing activities: - Cash paid too aequisilion of Land (120000) Cash Flowe From Financing activities: – Cash sreceived from issuing Common stock $1,60,000 Cash pard. Tos dividends $ (64000) Net Cash From Financing oclivities Net Ancrease ( decrease) in Cash $ 1,23,200 Cash balance, May 1, 2016 Cash balance. May 31, 2016 $123.200 96000