Question: eBook Print Item Question Content Area Missing amounts from financial statements The financial statements at the end of Atlas Realtys first month of operations follow:

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Missing amounts from financial statements

The financial statements at the end of Atlas Realtys first month of operations follow:

By analyzing the interrelationships among the four financial statements, determine the missing amounts. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.

Atlas Realty Income Statement For the Month Ended May 31, 20Y6
Line Item Description Amount Amount
Fees earned $397,000
Expenses:
Wages expense $fill in the blank 1
Rent expense 47,000
Supplies expense 17,400
Utilities expense 14,300
Miscellaneous expense 4,000
Total expenses (285,900)
Net income $fill in the blank 2

Atlas Realty Statement of Stockholders' Equity For the Month Ended May 31, 20Y6
Line Item Description Common Stock Retained Earnings Total
Balances, May 1, 20Y6 $0 $0 $0
Issued common stock fill in the blank 3 fill in the blank 4
Net income fill in the blank 5 fill in the blank 6
Dividends fill in the blank 7 fill in the blank 8
Balances, May 31, 20Y6 $fill in the blank 9 $fill in the blank 10 $fill in the blank 11

Atlas Realty Balance Sheet May 31, 20Y6
Line Item Description Amount Amount
Assets
Cash $123,100
Supplies 12,900
Land fill in the blank 12
Total assets $fill in the blank 13
Liabilities
Accounts payable $64,900
Stockholders Equity
Common stock $fill in the blank 14
Retained earnings fill in the blank 15
Total stockholders equity fill in the blank 16
Total liabilities and stockholders equity $fill in the blank 17

Atlas Realty Statement of Cash Flows For the Month Ended May 31, 20Y6
Line Item Description Amount Amount
Cash flows from (used for) operating activities:
Cash received from customers $fill in the blank 18
Cash paid for expenses and to creditors (233,900)
Net cash flows from operating activities $fill in the blank 19
Cash flows from (used for) investing activities:
Cash paid for acquisition of land (125,000)
Cash flows from (used for) financing activities:
Cash received from issuing common stock $150,000
Cash paid for dividends (65,000)
Net cash flows from financing activities fill in the blank 20
Net increase (decrease) in cash $fill in the blank 21
Cash balance, May 1, 20Y6 0
Cash balance, May 31, 20Y6 $fill in the blank 22

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