The financial statements at the end of Atlas Realty's first month of operations follow: Instructions By analyzing
Question:
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for A through Q.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Transcribed Image Text:
Atlas Realty Income Statement For the Month Ended May 31, 2018 $400,000 Expenses: Wages expense Rent expense. Supplies expense Utilities expense Miscellaneous expense 48,000 17,600 14,400 4,800 Total expenses 288,000 Net income.. Atlas Realty Retained Earnings Statement For the Month Ended May 31, 2018 Retained earnings, May 1, 2018 Net income Dividends Change in retained earnings Retained earnings, May 31, 2018 Atlas Realty Balance Sheet May 31, 2018 Assets $123,200 12,800 Liabilities Accounts payable 48,000 Stockholders' Equity Common stock.... Retained earnings Total liabilities and stockholders equity...... Atlas Realty Statement of Cash Flows For the Month Ended May 31, 2018 Cash flows from operating activities: Cash payments for expenses and payments to creditors... . . . . . . ...(252,800) Net cash flows trom operating activities Cash payments for acquisition of land Cash received from issuing common stock....... Cash flows from investing activities: (120,000) Cash flows from financing activities: ..$160,000 (64,000) .. .. Cash dividends Net cash flows from financing activities Net increase (decrease) in cash and May 31, 2018, cash balance.....
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A Wages expense 203200 288000 48000 17600 14400 4800 B Netincome112000 400000 288000 C Retained Earn...View the full answer
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Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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