Question

Missing amounts from financial statements

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

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		50,000
Supplies expense		17,100
Utilities expense		14,500
Miscellaneous expense		4,300
Total expenses				(288,900)
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				$123,600
Supplies				12,500
Land
Total assets				$
Liabilities
Accounts payable				$51,000
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		(250,400)
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		$160,000
Cash paid for dividends		(60,000)
Net cash flows from financing activities
Net increase (decrease) in cash				$
Cash balance, May 1, 20Y6				0
Cash balance, May 31, 20Y6				$

Answer 1

Atlas Realty
Income Statement
For the Month Ended May 31, 20Y6
Fees earned				$398,000
Expenses:
Wages expense (289900-50000-17100-14500-4300)		$203000
Rent expense		50,000
Supplies expense		17,100
Utilities expense		14,500
Miscellaneous expense		4,300
Total expenses				(288,900)
Net income (398000-289900)				$109100

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		160000		0		160000
Net income				109100		109100
Dividends				-60000		-60000
Balances, May 31, 20Y6		$160000		$49100		$209100

Atlas Realty
Balance Sheet
May 31, 20Y6
Assets
Cash				$123,600
Supplies				12,500
Land				124000
Total assets				$260100
Liabilities
Accounts payable				$51,000
Stockholders’ Equity
Common stock		$160000
Retained earnings		49100
Total stockholders’ equity				209100
Total liabilities and stockholders’ equity				$260100

Atlas Realty
Statement of Cash Flows
For the Month Ended May 31, 20Y6
Cash flows from (used for) operating activities:
Cash received from customers		$398000
Cash paid for expenses and to creditors		(250,400)
Net cash flows from operating activities				$147600
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		$160,000
Cash paid for dividends		(60,000)
Net cash flows from financing activities				100000
Net increase (decrease) in cash				$123600
Cash balance, May 1, 20Y6				0
Cash balance, May 31, 20Y6				$123600