Question

By analyzing the interrelationships among the four financial statements, determine the missing amounts. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.

Atlas Realty
Income Statement
For the Month Ended May 31, 20Y6
Fees earned				$398,000
Expenses:
Wages expense		$
Rent expense		47,000
Supplies expense		17,900
Utilities expense		14,900
Miscellaneous expense		4,300
Total expenses				(287,700)
Net income				$

Atlas Realty
Statement of Stockholders’ Equity
For the Month Ended May 31, 20Y6
		Common Stock		Retained Earnings		Total
Balances, May 1, 20Y6		$0		$0		$0
Issued common stock
Net income
Dividends
Balances, May 31, 20Y6		$		$		$

Atlas Realty
Balance Sheet
May 31, 20Y6
Assets
Cash				$123,900
Supplies				13,000
Land
Total assets				$
Liabilities
Accounts payable				$61,600
Stockholders’ Equity
Common stock		$
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity				$

Atlas Realty
Statement of Cash Flows
For the Month Ended May 31, 20Y6
Cash flows from (used for) operating activities:
Cash received from customers		$
Cash paid for expenses and to creditors		(239,100)
Net cash flows from operating activities				$
Cash flows from (used for) investing activities:
Cash paid for acquisition of land				(124,000)
Cash flows from (used for) financing activities:
Cash received from issuing common stock		$150,000
Cash paid for dividends		(61,000)
Net cash flows from financing activities
Net increase (decrease) in cash				$
Cash balance, May 1, 20Y6				0
Cash balance, May 31, 20Y6				$

Answer 1

Solution is as under: