Missing amounts from financial statements Missing amounts from financial statements

The financial statements at the end of Wolverine Realty's first month of operations are as follows:

By analyzing the interrelationships among the four financial statements, determine the proper amounts for the missing items. Use the minus sign to

indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.

Wolverine Realty

Income Statement

For the Month Ended April $30,20$ Yo

Wolverine Realty

Statement of Stockholders' Equity

For the Month Ended April $30,20$ Yo Wolverine Realty

Balance Sheet

April $30,20$ Yo Assets

Cash flows from $($used for$)$ operating activities:

Cash received from customers

Cash paid for expenses and to creditors

Net cash flows from operating activities

Cash flows from $($used for$)$ investing activities:

Cash paid for land Common stock

Retained earnings

Total stockholders' equity

Total liabilities and stockholders' equity

$$370,000$

Wolverine Realty

Statement of Cash Flows

For the Month Ended April $30,20$ Yo

Cash flows from $($used for$)$ operating activities:

Cash received from customers

Cash paid for expenses and to creditors

Net cash flows from operating activities

Cash flows from $($used for$)$ investing activities:

Cash paid for land

Cash flows from $($used for$)$ financing activities:

Cash received from issuing common stock

Cash paid for dividends

Net cash flows from financing activities

Net increase $($decrease$)$ in cash

Cash balance, April $1,20$ Yo

Cash balance, April $30,20$Y$0$

The financial statements at the end of Wolverine Realty$$s first month of operations are as follows:

By analyzing the interrelationships among the four financial statements, determine the proper amounts for the missing items. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.

Wolverine Realty

Income Statement

For the Month Ended April $30,20$Y$0$

Line Item Description Amount Amount

Fees earned $fill in the blank $1$

Expenses:

Wages expense $$304,000$

Rent expense $110,000$

Supplies expense fill in the blank $2$

Utilities expense $20,000$

Miscellaneous expense $27,000$

Total expenses $(492,000)$

Net income $$263,000$