The financial statements at the end of Atlas Realty’s first month of operations follow:

Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (r).

Transcribed Image Text:

Atlas Realty Income Statement For the Month Ended May 31, 20Y6 Fees earned.. $ 400,000 Expenses: Wages expense Rent expense $ (a) 48,000 17,600 Supplies expense Utilities expense Miscellaneous expense Total expenses. 14,400 4,800 (288,000) $ (b) Net income .... Atlas Realty Statement of Stockholders' Equity For the Month Ended May 31, 20Y6 Common Retained Stock Earnings Total $ 0 Balances, May 1, 20Y6 Issued common stock $ 0 (c) (d) (c) Net income . (d) Dividends (e) (e) Balances, May 31, 20Y6 $ (C) $ (f) S (g) Atlas Realty Balance Sheet May 31, 20Y6 Assets Cash $123,200 12,800 (h) $ (i) Supplies. Land ... Total assets Liabilities Accounts payable $ 48,000 Stockholders' Equity $ () (k) Common stock.. Retained earnings. Total stockholders' equity... Total liabilities and stockholders' equity. (1) (m)