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

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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. Fees earned Expenses: Wages expense Rent expense Wolverine Realty Income Statement For the Month Ended April 30, 20YO Supplies expense Utilities expense Miscellaneous expense Total expenses Net income $310,000 108,000 Common Stock 25,000 25,000 24,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20YO Retained Earnings 747,000 (492,000) $255,000 Total Balances, April 1, 20Y0 Issued common stock Net income Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 2010 Dividends Balances, April 30, 20YO, Cash Supplies Land Total assets. Accounts payable Common Stock $0 Wolverine Realty Balance Sheet April 30, 2010 Assets Math Liabilities. Retained Earnings $0 130,000 Total $0 130,000 $463,500 14,500 155,000 633,000 $133,000 Accounts payable Liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO 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 $375,000 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 $133,000 (373,500) Book mmon stock etained earnings otal stockholders' equity Cotal liabilities and stockholders' equity Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO 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 $375,000 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, 20Y0- Cash balance, April 30, 20Y0 3 (373,500) 00 000 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. Fees earned Expenses: Wages expense Rent expense Wolverine Realty Income Statement For the Month Ended April 30, 20YO Supplies expense Utilities expense Miscellaneous expense Total expenses Net income $310,000 108,000 Common Stock 25,000 25,000 24,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20YO Retained Earnings 747,000 (492,000) $255,000 Total Balances, April 1, 20Y0 Issued common stock Net income Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 2010 Dividends Balances, April 30, 20YO, Cash Supplies Land Total assets. Accounts payable Common Stock $0 Wolverine Realty Balance Sheet April 30, 2010 Assets Math Liabilities. Retained Earnings $0 130,000 Total $0 130,000 $463,500 14,500 155,000 633,000 $133,000 Accounts payable Liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO 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 $375,000 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 $133,000 (373,500) Book mmon stock etained earnings otal stockholders' equity Cotal liabilities and stockholders' equity Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO 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 $375,000 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, 20Y0- Cash balance, April 30, 20Y0 3 (373,500) 00 000

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Step 1 Financial Statements Financial statements are written records that convey the business activi... View the full answer