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

Missing Amounts From Financial Statements

The financial statements at the end of Paradise Realty's first month of operations are shown below.

PARADISE REALTY Income Statement For the Month Ended November 30, 20Y3
Fees earned		$149,300
Operating expenses:
Wages expense	$ (a)
Rent expense	14,400
Supplies expense	12000
Utilities expense	8,100
Miscellaneous expense	4,950
Total operating expenses		(69,300)
Net income		$ (b)

PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3
	Common Stock		Retained Earnings	Total
Balances, Nov. 1, 20Y3		$0	$0	$0
Issuance of common stock		270,000		270,000
Net income			(c)	(c)
Dividends			(d)	(d)
Balances, Nov. 30, 20Y3		$270,000	$(e)	$314,000

PARADISE REALTY
Balance Sheet
November 30, 20Y3

Assets

Cash

Supplies		6,000
Land		(f)
Total assets		$ (g)
Liabilities
Note payable		$ 7,200
Stockholders' Equity
Common stock	$ (h)
Retained earnings	(i)
Total stockholders' equity		(j)
Total liabilities and stockholders' equity		(k)

PARADISE REALTY Statement of Cash Flows For the Month Ended November 30, 20Y3
Cash flows from operating activities:
Cash received from customers	$ (l)
Deduct cash payments for expenses and payments to creditors	(68,100)
Net cash flows from operating activities		$ (m)
Cash flows used for investing activities:
Cash payments for acquisition of land		(216,000)
Cash flows from financing activities:
Cash received from issuing common stock	$ 270,000
Deduct dividends	(36,000)
Net cash flows from financing activities		(n)
Net increase in cash during month		(o)
Cash as of November 1		0
Cash as of November 30		(o)

Instructions:

$ 99,200

Expert Solution

ekkarill92 answered 1 year ago

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