The financial statements at the end of Alpine Realty?s first month of operations are as follows: Instructions
Question:
The financial statements at the end of Alpine Realty?s first month of operations are as follows:
Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (q).
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Alpine Realty Income Statement For the Menth Ended June 30, 2012 Fees earhed. (a) Expenses: $120,000 Wages expense. Rent expense.. Supplies expense 40.000 (b) utilities expense.. 8,000 Miscellaneous expense. 10.000 Total expenses. 190,000 Net income. $110.000 Alpine Realty Retained Earnings Statement For the Month Ended June 30, 2012 Retained earnings, June 1, 2012 Net income for June .. Less dividends ... Increase in retained earnings.. (c) ...... .... ......... $ (d) ......... ................ 50,000 .......... (e) .......... .......... Retained earnings. June 30, 2012. ...... Alpine Reaity Balance Sheet June 30, 2012 Liabilities Assets $ 185,000 Accounts payable ... Cash S40,000 5,000 Stockholders' Equity Supplies. 60,000 Capital stock...... Retained earnings... Total stockholders' equity.. Land $150,000 (h) Total liabilities and stockholders'equity ... Total assets (0) Alpine Realty Statement of Cash Flows For the Month Ended June 30, 2012 Cash flows fram operating activities Cash received from customers.. 155,000 Deduct cash payments for expenses and payments to creditors. Net cash flow from operating activities Cash flows from investing activities: Cash payments for acquisition of land.. Cash flows from financing activities: Cash received from issuing capital stock . Deduct cash dividends............ Net cash flow trom financing activities..... (m) ....... (n) *w***..................... (o) .*.................... Net cash flow and June 30, 2012, cash balance (q) .......................
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a Fees earned 300000 110000 190000 b Supplies expense 12000 190000 120000 40000 8000 10000 c ...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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