Question

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		$

Answer 1

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