Missing amounts from financial statements The financial statements at the end of Atlas Realty's first month of operations follow: Atlas Realty Income Statement For the Month Ended May 31,2019 Fees earned $400,000 Rxpenses: Wages expense $ (a) Rent expense 48,000 Supplies expense 17,600 Utilities expense 14,400 Miscellaneous expense 4,800 Total expenses 288,000 Net income s(b) Atlas Realty Statement of Owner's Equity For the Month Ended May 31,2019 LuAnn Martin, capital,May 1,2019 S (c) Investment on May 1,2019 $ (d) Net income for May (e) Withdrawals (f) Increase in owner's equity (g) LuAnn Martin, capital,May 31, 2019 $ (g) Cash $123,200 Supplies 12,800 Land (i) Total assets $ (j) Accounts payable s 48,000 LuAnn Martin, capital (k) Total liabilities and owner's equity s(1) Cashflows from operating activities: Cash receipts from customers $ (m) Cash payments for expenses and payments to creditors (252,800) Net cash flow from operating activities S (n) Cashflows from investing activities: Cash payments for acquisition ofland (120,000) Cash flows from financing activities: Cash receipt of owner's investment (160,000) Cash withdrawals by owner (64,000) Net cash flow from financing activities (0) Net increase (decrease) in cash and April 30,2019, cash balance s(p) Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p).
Missing amounts from financial statements
The financial statements at the end of Atlas Realty's first month of operations follow:
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Atlas Realty Income Statement For the Month Ended May 31,2019 |
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Fees earned |
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$400,000 |
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Rxpenses: |
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Wages expense |
$ (a) |
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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 |
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288,000 |
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Net income |
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s(b) |
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Atlas Realty
Statement of Owner's Equity
For the Month Ended May 31,2019 |
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LuAnn Martin, capital,May 1,2019 |
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S (c) |
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Investment on May 1,2019 |
$ (d) |
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Net income for May |
(e) |
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Withdrawals |
(f) |
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Increase in owner's equity |
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(g) |
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LuAnn Martin, capital,May 31, 2019 |
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$ (g) |
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Cash |
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$123,200 |
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Supplies |
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12,800 |
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Land |
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(i) |
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Total assets |
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$ (j) |
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Accounts payable |
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s 48,000 |
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LuAnn Martin, capital |
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(k) |
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Total liabilities and owner's equity |
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s(1) |
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Cashflows from operating activities: |
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Cash receipts from customers |
$ (m) |
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Cash payments for expenses and payments to creditors |
(252,800) |
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Net cash flow from operating activities |
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S (n) |
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Cashflows from investing activities: |
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Cash payments for acquisition ofland |
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(120,000) |
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Cash receipt of owner's investment |
(160,000) |
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Cash withdrawals by owner |
(64,000) |
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Net cash flow from financing activities |
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(0) |
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Net increase (decrease) in cash and April 30,2019, cash balance |
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s(p) |
Instructions
By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p).
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