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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 Expenses Wages expense (a) Rent expense Supplies expense Utilities expense Miscellaneous expense 48,000 17,600 14,400 4,800 Total expenses.. 288,000 (b) Net income Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 2019 LuAnn Martin, capital, May 1,2019 Investment on May 1, 2019. Net income for May Withdrawals Increase in owner's equity (c) (d) (e) (f) (g) LuAnn Martin, capital, May 31, 2019 (h) Atlas Realty Balance Sheet May 31, 2019 Assets Cash $123,200 Supplies. 12,800 Land Total assets Llabilitles Accounts payable 48,000 Ownar's Equity LuAnn Martin, capital. Total liabilities and owner's equity (k) (D Atlas Realty Statement of Cash Flows For the Month Ended May 31,2019 Cash flows from operating activities: Cash receipts from customers. Cash payments for expenses and payments to creditors.. Net cash flow from operating activities 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 (m) (252800) (n) (120,000) 160,000 (64,000) Net cash flow from financing activities Net increase (decrease) in cash and May 31, 2019, cash balance. (o) (p) Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p)

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 Expenses Wages expense (a) Rent expense Supplies expense Utilities expense Miscellaneous expense 48,000 17,600 14,400 4,800 Total expenses.. 288,000 (b) Net income Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 2019 LuAnn Martin, capital, May 1,2019 Investment on May 1, 2019. Net income for May Withdrawals Increase in owner's equity (c) (d) (e) (f) (g) LuAnn Martin, capital, May 31, 2019 (h) Atlas Realty Balance Sheet May 31, 2019 Assets Cash $123,200 Supplies. 12,800 Land Total assets Llabilitles Accounts payable 48,000 Ownar's Equity LuAnn Martin, capital. Total liabilities and owner's equity (k) (D Atlas Realty Statement of Cash Flows For the Month Ended May 31,2019 Cash flows from operating activities: Cash receipts from customers. Cash payments for expenses and payments to creditors.. Net cash flow from operating activities 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 (m) (252800) (n) (120,000) 160,000 (64,000) Net cash flow from financing activities Net increase (decrease) in cash and May 31, 2019, cash balance. (o) (p) Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p)

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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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 Expenses Wages expense (a) Rent expense Supplies expense Utilities expense Miscellaneous expense 48,000 17,600 14,400 4,800 Total expenses.. 288,000 (b) Net income Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 2019 LuAnn Martin, capital, May 1,2019 Investment on May 1, 2019. Net income for May Withdrawals Increase in owner's equity (c) (d) (e) (f) (g) LuAnn Martin, capital, May 31, 2019 (h) Atlas Realty Balance Sheet May 31, 2019 Assets Cash $123,200 Supplies. 12,800 Land Total assets Llabilitles Accounts payable 48,000 Ownar's Equity LuAnn Martin, capital. Total liabilities and owner's equity (k) (D Atlas Realty Statement of Cash Flows For the Month Ended May 31,2019 Cash flows from operating activities: Cash receipts from customers. Cash payments for expenses and payments to creditors.. Net cash flow from operating activities 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 (m) (252800) (n) (120,000) 160,000 (64,000) Net cash flow from financing activities Net increase (decrease) in cash and May 31, 2019, cash balance. (o) (p) Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p)
Transcribed Image Text: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 Expenses Wages expense (a) Rent expense Supplies expense Utilities expense Miscellaneous expense 48,000 17,600 14,400 4,800 Total expenses.. 288,000 (b) Net income Atlas Realty Statement of Owner's Equity For the Month Ended May 31, 2019 LuAnn Martin, capital, May 1,2019 Investment on May 1, 2019. Net income for May Withdrawals Increase in owner's equity (c) (d) (e) (f) (g) LuAnn Martin, capital, May 31, 2019 (h) Atlas Realty Balance Sheet May 31, 2019 Assets Cash $123,200 Supplies. 12,800 Land Total assets Llabilitles Accounts payable 48,000 Ownar's Equity LuAnn Martin, capital. Total liabilities and owner's equity (k) (D Atlas Realty Statement of Cash Flows For the Month Ended May 31,2019 Cash flows from operating activities: Cash receipts from customers. Cash payments for expenses and payments to creditors.. Net cash flow from operating activities 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 (m) (252800) (n) (120,000) 160,000 (64,000) Net cash flow from financing activities Net increase (decrease) in cash and May 31, 2019, cash balance. (o) (p) Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p)
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