Question

In: Accounting

Missing Amounts from Financial Statements The financial statements at the end of Atlas Realty's first month...

Missing Amounts from Financial Statements

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

Required:

Analyze the interrelationships among the four financial statements and enter the missing amounts. If an amount is zero, enter "0".

Atlas Realty
Income Statement
For the Month Ended May 31, 2018
Fees earned $400,000
Expenses:
Wages expense $
Rent expense 48,000
Supplies expense 17,600
Utilities expense 14,400
Miscellaneous expense 4,800
Total expenses 288,000
Net income $
Atlas Realty
Retained Earnings Statement
For the Month Ended May 31, 2018
Retained earnings, May 1, 2018 $
Net income $
Dividends
Change in retained earnings
Retained earnings, May 31, 2018 $
Atlas Realty
Balance Sheet
May 31, 2018
Assets
Cash $123200
Supplies 12,800
Land
Total assets $
Liabilities
Accounts payable $48,000
Stockholders’ Equity
Common stock $
Retained earnings
Total stockholders' equity
Total liabilities and stockholders’ equity $

Use the minus sign to indicate cash outflows, decreases in cash, and cash payments.

Atlas Realty
Statement of Cash Flows
For the Month Ended May 31, 2018
Cash flows from operating activities:
Cash received from customers $
Cash payments for expenses and payments to creditors -252,800
Net cash flows from operating activities $
Cash flows from investing activities:
Cash payments for acquisition of land -120,000
Cash flows from financing activities:
Cash received from issuing common stock $160,000
Cash dividends -64,000
Net cash flows from financing activities
Net increase (decrease) in cash and May 31, 2018, cash balance $

Solutions

Expert Solution

Atlas Realty
Income Statement
For the Month Ended May 31, 2018
Fees earned $400,000
Expenses:
Wages expense 203,200
Rent expense 48,000
Supplies expense 17,600
Utilities expense 14,400
Miscellaneous expense 4,800
Total expenses 288,000
Net income $112,000
Atlas Realty
Retained Earnings Statement
For the Month Ended May 31, 2018
Retained earnings, May 1, 2018 0
Net income $112,000
Dividends 64000
Change in retained earnings $48,000
Retained earnings, May 31, 2018 $48,000
Atlas Realty
Balance Sheet
31-May-18
Assets
Cash $123,200
Supplies 12,800
Land 120000
Total assets $256,000
Liabilities
Accounts payable $48,000
Stockholders’ Equity
Common stock 160000
Retained earnings $48,000
Total stockholders' equity $208,000
Total liabilities and stockholders’ equity $256,000
Atlas Realty
Statement of Cash Flows
For the Month Ended May 31, 2018
Cash flows from operating activities:
Cash received from customers 400000
Cash payments for expenses and payments to creditors -252,800
Net cash flows from operating activities 147,200
Cash flows from investing activities:
Cash payments for acquisition of land -120,000
Cash flows from financing activities:
Cash received from issuing common stock $160,000
Cash dividends -64,000
Net cash flows from financing activities $96,000
Net increase (decrease) in cash and May 31, 2018, cash balance 123,200

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