Question:
The
financial statements at the end of Eastern Realtys first month of operations are shown below.
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (j).
Financial Statements
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:
Eastern Realty Income Statement For the Month Ended November 30, 2015 Revenues: Fees earned Expenses Wages expense Rent expense Supplies expense Utilities expense Miscellaneous expense. $51,000 19,200 b) 10,800 6,60O Total expenses Net income 105, 600 74.400 Eastern Realty Statement of Owner's Equity For the Month Ended November 30, 2015 Laura Biddle, capital, November 1, 2015 Investment on November 1, 2015 Net income for November S C $240,00D Less withdrawals Increase in owner's equity Laura Biddle, capital, November 30, 2015 36,000 Eastern Reaity Balance Sheet November 30, 2015 Assets Liabilities Cash Supplies Land Total assets S9,60D 1E) th Total liabilities and owner's equity . 26,700 Accounts payable 21,300 240,000 S Owner's Equity Laura Biddle, capital h) Total liabilities and owner's equity Eastem Realty Cash Flow Statement For the Month Ended November 30, 2015 Cash flows from operating activities: Cash received from customers Cash payments for expenses and payments to creditors Net cash flow from operating activities $ 180, 000 117,300) s 62,700 Cash flows from investing activities Cash payments for acquisition of land (240,000) Cash flows from financing activities: Cash received as owner's investment Cash withdrawal by owner Net cash flow from financing activities 24D,000 (36,000) 204.000 $26,7D0 Net cash flow and November 30, 2015, cash balance