Could I please get help filling the blanks in. I can't figure them out.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

Could I please get help filling the blanks in. I can't figure them out.

Missing amounts from finandal statements
The financial statements at the end of Wolverine Realty's first month of operations are as follows:
By analyzing the interrelationships amang the four financial statements, determine the proper amounts for the missing Rems. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows.
Wolverine Realty
Income Statement
For the Menth Ended April 30, 20Y0
Fees earned
751,000
Expenses:
Wages expense
$304,000
Rent expense
105,000
Supplies expense
32,000
UDIRies expense
23,000
Miscelaneous expense
27,000
Total expenses
(492,000)
Net income
$259,000
Wolverine Realty
Statement of Stockholders' Equity
For the Month Ended April 30, 20Y0
Common Stack Retained Earnings
Total
Balances, Apri 1, 20Y0
$0
$0
Issued common stock
Net income
259,000
259,000
Dividends
(125,000)
(125,000)
Balances, April 30, 20Y0
384,000
Wolverine Realty
Balance Sheet
April 30, 20YO
Assets
Cash
$461,500
Supplins
13,500
Land
145,000
Total assets
620,000
Llabilities
Accounts payable
$116,000
Stockholders' Equity
Common stock
$370,000
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Wolverine Realty
Statement of Cash Flows
For the Month Ended April 30, 20Y0
Cash lows from (used for) operating activities:
Cash received from oustomers
Cash paid for expenses and to creditors
(389,500)
Net cash nows from operating activities
Cash fows from (used for) investing activities:
Cash paid for land
Cash flows from (used for) inancing activities:
Cash received from issuing common stock
Cash paid for dividends
Net cash flows from financing activities
Net increase (decrease) in cash
Cash balance, April 1, 20YO
Cash balance, April 30, 20Y0
Transcribed Image Text:Missing amounts from finandal statements The financial statements at the end of Wolverine Realty's first month of operations are as follows: By analyzing the interrelationships amang the four financial statements, determine the proper amounts for the missing Rems. Use the minus sign to indicate cash outflows, cash payments, and decreases in cash in the Statement of Cash Flows. Wolverine Realty Income Statement For the Menth Ended April 30, 20Y0 Fees earned 751,000 Expenses: Wages expense $304,000 Rent expense 105,000 Supplies expense 32,000 UDIRies expense 23,000 Miscelaneous expense 27,000 Total expenses (492,000) Net income $259,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20Y0 Common Stack Retained Earnings Total Balances, Apri 1, 20Y0 $0 $0 Issued common stock Net income 259,000 259,000 Dividends (125,000) (125,000) Balances, April 30, 20Y0 384,000 Wolverine Realty Balance Sheet April 30, 20YO Assets Cash $461,500 Supplins 13,500 Land 145,000 Total assets 620,000 Llabilities Accounts payable $116,000 Stockholders' Equity Common stock $370,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20Y0 Cash lows from (used for) operating activities: Cash received from oustomers Cash paid for expenses and to creditors (389,500) Net cash nows from operating activities Cash fows from (used for) investing activities: Cash paid for land Cash flows from (used for) inancing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase (decrease) in cash Cash balance, April 1, 20YO Cash balance, April 30, 20Y0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education