The financial statements at the end of Wolverine Realty's first month of operations are as follows: Instructions
Question:
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p).
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...
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Wolverine Realty Income Statement For the Month Ended April 30, 2019 $ (a) Fees earned. Expenses Suppliks exyce (lo) 20,000 25,000 HisxllaouseIe. . Total expenses 475,000 21,000 Wolverine Realty Statement of Owner's Equity For the Month Ended April 30, 2019 Dakota Rowe, capital Aprl1, 2019 Irneicni on April 1,2019. $ (C) S,000 income for April .. (125,000 Dakota Rowe, capital, April 30, 2019 $ (f) Wolverine Realty Balance Sheet April 30, 2019 Assets $462,500 12,500 50,000 Liabilities Pxxxouis puaysallke 100,000 Owner's Equity Dakota Rowe, alia Remer, capital .. . Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 2019 Cash flows from operating activities: Cash receipts from customers.... Cash payments for expenses and payments to creditors..... Net cash flow from operating activities... . . . . . . . . . . . . .. (387,500) $ (k) Cash flows from investing activities: Cash payments for acquisition of land Cash flows from finanig acivities: Cas h receipt of owners investment Net cash flow from financing activities Net increase (decrease) in cash and April 30, 2019, cash balance
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a Fees earned 750000 275000 475000 b Supplies expense 30000 475000 300000 100000 20000 25000 c Dakot...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-1337272124
15th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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