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 (p).

Transcribed Image Text:

Atlas Realty Income Statement For the Month Ended May 31, 20Y3 Fees earned. Expenses: Wages expense.. Rent expense.. Supplies expense.. Utilities expense.. Miscellaneous expense Total expenses $400,000 $ (a) 48,000 17,600 14,400 4,800 288,000 Net income.... (b) Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 20Y3 LuAnn Martin, capital, May 1, 20Y3.. Investment on May 1, 20Y3. Net income for May.. (c) (d) (e) Withdrawals.... (f) Increase in owner's equity....... LuAnn Martin, capital, May 31, 20Y3.. (g) (h) Atlas Realty Balance Sheet May 31, 20Y3 Assets Cash $ 123,200 Supplies.. 12,800 Land.... (i) Total assets Liabilities Accounts payable.... $ 48,000 .....- Owner's Equity LuAnn Martin, capital..... Total liabilities and owner's equity.. (k)