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.
| Fees earned | $ | |
|---|---|---|
| Expenses: | ||
| Wages expense | $304,000 | |
| Rent expense | 105,000 | |
| Supplies expense | ||
| Utilities expense | 24,000 | |
| Miscellaneous expense | 23,000 | |
| Total expenses | (482,000) | |
| Net income | $264,000 |
| 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 | $ | $ | $ |
| Assets | ||
|---|---|---|
| Cash | $463,000 | |
| Supplies | 10,000 | |
| Land | 155,000 | |
| Total assets | $ | |
| Liabilities | ||
| Accounts payable | $119,000 | |
| Stockholders’ Equity | ||
| Common stock | $370,000 | |
| Retained earnings | ||
| Total stockholders’ equity | ||
| Total liabilities and stockholders’ equity | $ |
| Cash flows from (used for) operating activities: | ||
|---|---|---|
| Cash received from customers | $ | |
| Cash paid for expenses and to creditors | (373,000) | |
| 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 | $ |
Homework Answers
Missing amounts from financial statements The financial statements at the end of Wolverine Realty's first month...
Missing amounts from financial statements The financial statements at the end of Wolverine Realty's 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 sig outflows, cash payments, and decreases in cash in the Statement of Cash Flows. Wolverine Realty Income Statement For the Month Ended April 30, 2040 Fees earned Expenses: $300,000 100,000 Wages expense Rent expense Supplies expense Utilities expense Miscellakeous...
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The financial statements at the end of Paradise Realty's first month of operations are shown bel...
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accounting
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Print item Book Calculator Transactions, Financial Statements On April 1, 2010, Maria Adams established Custom Realty,...
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PLEASE HELP!!! ?????
Rutgers Designers began operations on April 1. The financial statements for Rutgers Designers are shown below for the month ended April 30. (the first month of operations. Determine the missing amounts for each letter. N/A are omitted amounts; they are NOT equal to 0 536,000 Rutgers Designers Income Statement For the Month Ended April 30 Revenue: Expenses: Wages expense Rent expense Supplies expense Utilities expense Miscellaneous expense Total expenses Net income $7.250 4.200 1.800 500 1.550 15.300...
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Rutgers Designers began operations on April 1. The financial statements for Rutgers Designers are shown below...
Rutgers Designers began operations on April 1. The financial
statements for Rutgers Designers are shown below for the month
ended April 30, (the first month of operations). Determine the
missing amounts for each letter. N/A are omitted amounts; they are
NOT equal to 0
Please answer in the following format: 12345 (no dollar signs,
no commas).
A) Net Income:
B) Cash:
C) Land:
D) Retained Earnings:
E) Total Stockholders' Equity:
Rutgers Designers began operations on April 1. The financial statements...
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Transactions: Financial Statements On April 1, 2048, Maria Adams established Custom Realty, Maria completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $35,000 in exchange for common stock. b. Purchased supplies on account, $3,540. c. Paid creditor on account, $2,240 d. Earned sales commissions, receiving cash, $36,120. e. Paid rent on office and equipment for the month, $7,080. f. Paid dividends. $11,000. g. Paid automobile expenses for month, $3,400, and...
Print item Book Calculator Transactions, Financial Statements On April 1, 2010, Maria Adams established Custom Realty, Maria completed the fo a. Opened a business bank account with a deposit of $34,000 in exchange b. Purchased supplies on account, $3,490. c. Paid creditor on account, $2,210. d. Earned sales commissions, receiving cash, $35.600. e. Paid rent on office and equipment for the month, $6,980. f. Pald dividends, $11,000. 9. Paid automobile expenses for month, $3,350, and miscellaneous exp h. Paid office...
PLEASE HELP!!! ?????
Rutgers Designers began operations on April 1. The financial statements for Rutgers Designers are shown below for the month ended April 30. (the first month of operations. Determine the missing amounts for each letter. N/A are omitted amounts; they are NOT equal to 0 536,000 Rutgers Designers Income Statement For the Month Ended April 30 Revenue: Expenses: Wages expense Rent expense Supplies expense Utilities expense Miscellaneous expense Total expenses Net income $7.250 4.200 1.800 500 1.550 15.300...
Statement of stockholders' equity After its first month of operations, the following amounts were taken from the accounting records of West Coast Dreams Realty Inc. as of June 30, 2019. Cash $79,500 Notes payable $52,500 Common stock 37,500 Rent expense 7,500 Dividends 15,000 Retained earnings 0 Interest expense 3,000 Salaries expense 112,500 Land 63,000 Sales commissions 217,500 Miscellaneous expense 4,500 Utilities expense 22,500 Prepare a statement of stockholders' equity for the month ended June 30, 2049. If an amount box...
Rutgers Designers began operations on April 1. The financial
statements for Rutgers Designers are shown below for the month
ended April 30, (the first month of operations). Determine the
missing amounts for each letter. N/A are omitted amounts; they are
NOT equal to 0
Please answer in the following format: 12345 (no dollar signs,
no commas).
A) Net Income:
B) Cash:
C) Land:
D) Retained Earnings:
E) Total Stockholders' Equity:
Rutgers Designers began operations on April 1. The financial statements...
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