The financial statements at the end of Atlas Realty's first month of operations are shown below. Instructions
Question:
The financial statements at the end of Atlas Realty's first month of operations are shown below.
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through(q).
Financial StatementsFinancial 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, 2014 400,000 Expenses: ..* 288,000 5 (b) Atlas Realty Retained Earnings Statement For the Month Ended May 31, 2014 $ (C) Retained earnings, May 31, 2014.. .. Atlas Realty Balance Sheet May 31, 2014 Assets Liabilities Stockholders Equity Land i) Retained earnings.. . Total liabilities and stockholders equity..$(m) Atlas Realty Statement of Cash Flows For the Month Ended May 31, 2014 Cash flows from operating activities Cash received from customers . . $ Deduct cash payments for expenses and payments to creditors.. (252,800) Net cash flows from operating activities... .. . . . . .. .. . $ (o) Cash flows from investing activities: (120,000) Cash flows from financing activities: Cash received from issuing capital stock... . . . . . . . . ......160,000 Net cash flows from finaning activities.. . . . . . . .. .. . Net increase (decrease) in cash and May 31, 2014, cash balance......
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a Wages expense 203200 288000 48000 17600 14400 4800 b Net income 112000 400000 288000 c Retained ea...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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