# The financial statements at the end of Atlas Realty's first month of operations followAtlas RealtyIncome StatementFor the Month Ended May 31, 2019Fees earned.\$400,000ExpensesWages expense(a)Rent expenseSupplies expenseUtilities expenseMiscellaneous expense48,00017,60014,4004,800Total expenses..288,000(b)Net incomeAtlas RealtyStatement of Owner's EquityFor the Month Ended May 31, 2019LuAnn Martin, capital, May 1,2019Investment on May 1, 2019.Net income for MayWithdrawalsIncrease in owner's equity(c)(d)(e)(f)(g)LuAnn Martin, capital, May 31, 2019(h)Atlas RealtyBalance SheetMay 31, 2019AssetsCash\$123,200Supplies.12,800LandTotal assetsLlabilitlesAccounts payable48,000Ownar's EquityLuAnn Martin, capital.Total liabilities and owner's equity(k)(DAtlas RealtyStatement of Cash FlowsFor the Month Ended May 31,2019Cash flows from operating activities:Cash receipts from customers.Cash payments for expenses and payments to creditors..Net cash flow from operating activitiesCash flows from investing activitiesCash payments for acquisition of landCash flows from financing activitiesCash receipt of owner's investmentCash withdrawals by owner(m)(252800)(n)(120,000)160,000(64,000)Net cash flow from financing activitiesNet increase (decrease) in cash and May 31, 2019, cash balance.(o)(p)InstructionsBy analyzing the interrelationships among the four financial statements, determine theproper amounts for (a) through (p)

Question
59 views
check_circle

Step 1

Determine the proper amounts for (a) through (p).

First, determine the missing amount for (a) and (b).

Step 2

Calculate the missing amount for (c), (d), (e),(f), and (g).

Step 3

Calculate missing amount for ...

### Want to see the full answer?

See Solution

#### Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in