Missing Amounts from Financial Statements The financial statements at the end of Wolverine Realty's first month of operations are as follows: Required: Analyze the interrelationships among the four financial statements and enter the missing amounts. If an amount is zero, enter "0". Wolverine RealtyIncome StatementFor the Month Ended April 30, 2019 Fees earned $fill in the blank aceed1f93fedfb9_1 Expenses: Wages expense $56,300 Rent expense 25,470 Supplies expense fill in the blank aceed1f93fedfb9_2 Utilities expense 14,260 Miscellaneous expense 8,660 Total expenses 125,830 Net income $142,270 Wolverine RealtyStatement of Owner's EquityFor the Month Ended April 30, 2019 Dakota Rowe, capital, April 1, 2019 $fill in the blank e47b4cf9df9a041_1 Investment on April 1, 2016 $506,000 Net income for April fill in the blank e47b4cf9df9a041_2 Withdrawals (55700) Increase in owner's equity fill in the blank e47b4cf9df9a041_3 Dakota Rowe, capital, April 30, 2019 $fill in the blank e47b4cf9df9a041_4 Wolverine RealtyApril 30, 2019 Assets Cash $190,180 Supplies 11,260 Land 404,800 Total assets $fill in the blank 5ef658ffe06302a_1 Liabilities Accounts payable $13,670 Owner's Equity Dakota Rowe, capital fill in the blank 5ef658ffe06302a_2 Total liabilities and owner's equity $fill in the blank 5ef658ffe06302a_3 Use the minus sign to indicate cash outflows, decreases in cash, and cash payments. Wolverine RealtyStatement of Cash FlowsFor the Month Ended April 30, 2019 Cash flows from operating activities: Cash receipts from customers $fill in the blank 2ed77808f05906f_1 Cash payments for expenses and payments to creditors -123,420 Net cash flow from operating activities $fill in the blank 2ed77808f05906f_2 Cash flows from investing activities: Cash payments for acquisition of land Cash flows from financing activities: Cash receipt of owner’s investment Cash withdrawals by owner Net cash flow from financing activities Net increase (decrease) in cash and April 30, 2019, cash balance
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Missing Amounts from Financial Statements
The financial statements at the end of Wolverine Realty's first month of operations are as follows:
Required:
Analyze the interrelationships among the four financial statements and enter the missing amounts. If an amount is zero, enter "0".
| Fees earned | $fill in the blank aceed1f93fedfb9_1 | |
| Expenses: | ||
| Wages expense | $56,300 | |
| Rent expense | 25,470 | |
| Supplies expense | fill in the blank aceed1f93fedfb9_2 | |
| Utilities expense | 14,260 | |
| Miscellaneous expense | 8,660 | |
| Total expenses | 125,830 | |
| Net income | $142,270 |
| Dakota Rowe, capital, April 1, 2019 | $fill in the blank e47b4cf9df9a041_1 | |
| Investment on April 1, 2016 | $506,000 | |
| Net income for April | fill in the blank e47b4cf9df9a041_2 | |
| Withdrawals | (55700) | |
| Increase in owner's equity | fill in the blank e47b4cf9df9a041_3 | |
| Dakota Rowe, capital, April 30, 2019 | $fill in the blank e47b4cf9df9a041_4 |
| Assets | ||
| Cash | $190,180 | |
| Supplies | 11,260 | |
| Land | 404,800 | |
| Total assets | $fill in the blank 5ef658ffe06302a_1 | |
| Liabilities | ||
| Accounts payable | $13,670 | |
| Owner's Equity | ||
| Dakota Rowe, capital | fill in the blank 5ef658ffe06302a_2 | |
| Total liabilities and owner's equity | $fill in the blank 5ef658ffe06302a_3 |
Use the minus sign to indicate
| Cash receipts from customers | $fill in the blank 2ed77808f05906f_1 | |
| Cash payments for expenses and payments to creditors | -123,420 | |
| Net cash flow from operating activities | $fill in the blank 2ed77808f05906f_2 | |
| Cash flows from investing activities: | ||
| Cash payments for acquisition of land | ||
| Cash flows from financing activities: | ||
| Cash receipt of owner’s investment | ||
| Cash withdrawals by owner | ||
| Net cash flow from financing activities | ||
| Net increase (decrease) in cash and April 30, 2019, cash balance |
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