The financial statements at the end of Atlas Realty's first month of operations follow:

Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (q).

Transcribed Image Text:

Atlas Realty Income Statement For the Month Ended May 31, 2016 $400,000 Expenses $ (a) 48,000 17,600 14,400 4,800 Rent expense._.... Miscellaneous expense 288,000 Net income Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 2016 $ (c) 5 (f) Increase in $ (i Atlas Realty Balance Sheet May 31, 2016 Assets Llabilities Owner's Equity Land 0l) $ k) ilities and owner's equity..$m Atlas Realty Statement of Cash Flows For the Month Ended May 31, 2016 Cash flows from operating activities: Cash received from customers. Deduct cash payments for expenses and payments to creditors.... $ (n) $ (o) Cash flows from investing activities: Cash payments for acquisition of land ._..... (120,000) Cash flows from financing activities: Cash received as owner's investment Net increase(decrease) in cash and May 31, 2016, cash balance.......