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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:

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 $

Solutions

Expert Solution

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

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