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The financial statements at the end of Wolverine Realty's first month of operations are as follows Wolverine Realty Income Statement For the Month Ended April 30, 2019 Fees earned.. (a) Expenses Wages expense Rent expense Supplies expense Utilities expense $300,000 100,000 (b) 20,000 Miscellaneous expense 25,000 Total expenses 475,000 Net income $275,000 Wolverine Realty Statement of Owner's Equity For the Month Ended Aprl 30, 2019 Dakota Rowe, capital, April 1, 2019 Investment on April 1, 2019 Net income for April. Withdrawals (c) $375,000 (d) (125,000) Increase in owner's equity Dakota Rowe, capital, April 30, 2019 (e) Wolverine Realty Balance Sheet April 30, 2019 Assets Cash $462,500 Supplies 12,500 150,000 (g Land Total assets Liabilities Accounts payable 100,000 Ownar's Equity Dakota Rowe, capital Total liabilities and owner's equity (h) Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 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 (387 500) (k) (ID (m) (n) Net cash flow from financing activities.. (0) (pl Net increase (decrease) in cash and April 30, 2019, cash balance.. 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 Wolverine Realty's first month of operations are as follows Wolverine Realty Income Statement For the Month Ended April 30, 2019 Fees earned.. (a) Expenses Wages expense Rent expense Supplies expense Utilities expense $300,000 100,000 (b) 20,000 Miscellaneous expense 25,000 Total expenses 475,000 Net income $275,000 Wolverine Realty Statement of Owner's Equity For the Month Ended Aprl 30, 2019 Dakota Rowe, capital, April 1, 2019 Investment on April 1, 2019 Net income for April. Withdrawals (c) $375,000 (d) (125,000) Increase in owner's equity Dakota Rowe, capital, April 30, 2019 (e) Wolverine Realty Balance Sheet April 30, 2019 Assets Cash $462,500 Supplies 12,500 150,000 (g Land Total assets Liabilities Accounts payable 100,000 Ownar's Equity Dakota Rowe, capital Total liabilities and owner's equity (h) Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 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 (387 500) (k) (ID (m) (n) Net cash flow from financing activities.. (0) (pl Net increase (decrease) in cash and April 30, 2019, cash balance.. 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 Wolverine Realty's first month of operations are as follows Wolverine Realty Income Statement For the Month Ended April 30, 2019 Fees earned.. (a) Expenses Wages expense Rent expense Supplies expense Utilities expense $300,000 100,000 (b) 20,000 Miscellaneous expense 25,000 Total expenses 475,000 Net income $275,000 Wolverine Realty Statement of Owner's Equity For the Month Ended Aprl 30, 2019 Dakota Rowe, capital, April 1, 2019 Investment on April 1, 2019 Net income for April. Withdrawals (c) $375,000 (d) (125,000) Increase in owner's equity Dakota Rowe, capital, April 30, 2019 (e) Wolverine Realty Balance Sheet April 30, 2019 Assets Cash $462,500 Supplies 12,500 150,000 (g Land Total assets Liabilities Accounts payable 100,000 Ownar's Equity Dakota Rowe, capital Total liabilities and owner's equity (h) Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 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 (387 500) (k) (ID (m) (n) Net cash flow from financing activities.. (0) (pl Net increase (decrease) in cash and April 30, 2019, cash balance.. 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 Wolverine Realty's first month of operations are as follows Wolverine Realty Income Statement For the Month Ended April 30, 2019 Fees earned.. (a) Expenses Wages expense Rent expense Supplies expense Utilities expense $300,000 100,000 (b) 20,000 Miscellaneous expense 25,000 Total expenses 475,000 Net income $275,000 Wolverine Realty Statement of Owner's Equity For the Month Ended Aprl 30, 2019 Dakota Rowe, capital, April 1, 2019 Investment on April 1, 2019 Net income for April. Withdrawals (c) $375,000 (d) (125,000) Increase in owner's equity Dakota Rowe, capital, April 30, 2019 (e) Wolverine Realty Balance Sheet April 30, 2019 Assets Cash $462,500 Supplies 12,500 150,000 (g Land Total assets Liabilities Accounts payable 100,000 Ownar's Equity Dakota Rowe, capital Total liabilities and owner's equity (h) Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 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 (387 500) (k) (ID (m) (n) Net cash flow from financing activities.. (0) (pl Net increase (decrease) in cash and April 30, 2019, cash balance.. Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (p).
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