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).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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).

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