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.
| 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 |
| 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 |
| 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 |
| 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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