Analyze the interrelationships among the four financial statements and enter the missing amounts. If an amount is zero, enter “0”.
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Income Statement |
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For the Month Ended May 31, 2014 |
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Fees earned |
400,000 |
pts |
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Expenses: |
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Wages expense |
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1.5 |
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Rent expense |
48,000 |
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Supplies expense |
17,600 |
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Utilities expense |
14,400 |
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Miscellaneous expense |
4,800 |
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Total expenses |
288,000 |
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Net income |
112,000 |
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Atlas Realty |
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Retained Earnings Statement |
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For the Month Ended May 31, 2014 |
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Retained earnings, May 1, 2014 |
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0.5 |
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Net income |
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0.5 |
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Less dividends |
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0.5 |
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Increase in retained earnings |
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0.5 |
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Retained earnings, May 31, 2014 |
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0.5 |
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Atlas Realty |
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Balance Sheet |
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May 31, 2014 |
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Assets |
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Cash |
123,200 |
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Supplies |
12,800 |
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Land |
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0.5 |
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Total assets |
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0.5 |
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Liabilities |
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Accounts payable |
48,000 |
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Stockholders’ Equity |
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Capital stock |
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0.5 |
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Retained earnings |
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0.5 |
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Total stockholders’ equity |
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0.5 |
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Total liabilities and stockholders’ equity |
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0.5 |
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Atlas Realty |
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Statement of Cash Flows |
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For the Month Ended May 31, 2014 |
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Cash flows from operating activities: |
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Cash received from customers |
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0.5 |
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Deduct cash payments for expenses and payments to creditors |
-252,800 |
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Net cash flows from operating activities |
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0.5 |
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Cash flows from investing activities: |
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Cash payments for acquisition of land |
-120,000 |
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Cash flows from financing activities: |
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Cash received from issuing capital stock |
160,000 |
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Deduct cash dividends |
-64,000 |
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Net cash flows from financing activities |
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0.5 |
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Net increase (decrease) in cash and May 31, 2014, cash balance |
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0.5 |
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