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Wolverine Realty Income Statement For the Month Ended April 30, 20YO $ (a) Fees earned.. Expenses: Wages expense Rent expense... $300,000 100,000 (b) 20,000 Supplies expense Utilities expense Miscellaneous expense. Total expenses.. Net income. 25,000 _(475,000) S 275,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20YO Common Stock Retained Earnings Total Balances, April 1, 20Y0.. Issued common stock.. (c) (c) (d) (125,000) $ (e) (d) (125,000) Net income.. Dividends Balances, April 30, 20Y0. $ (c) Wolverine Realty Balance Sheet April 30, 20YO Assets Cash Supplies. Land $462,500 12,500 150,000 Total assets $ (g) Liabilities Accounts payable. $ 100,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders'equity $375,000 (h) (1) Total labilittes and stockholders equity.. Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO Cash flows from (used for) operating activities: Cash received from customers... Cash paid for expenses and to creditors. Net cash flows from operating activities Cash flows from (used for) Investing activities: Cash pald for land... Cash flows from (used for) financing activities: Cash received from issuing common stock Cash pald for dividends.... Net cash flows from financing activities. Net Increase (decrease) in cash Cash balance, April 1, 20YO Cash balance, April 30, 20YO $ (k) (387,500) (m) $ (n) (0) ............ (p) $ () ..... .................... ...............

Wolverine Realty Income Statement For the Month Ended April 30, 20YO $ (a) Fees earned.. Expenses: Wages expense Rent expense... $300,000 100,000 (b) 20,000 Supplies expense Utilities expense Miscellaneous expense. Total expenses.. Net income. 25,000 _(475,000) S 275,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20YO Common Stock Retained Earnings Total Balances, April 1, 20Y0.. Issued common stock.. (c) (c) (d) (125,000) $ (e) (d) (125,000) Net income.. Dividends Balances, April 30, 20Y0. $ (c) Wolverine Realty Balance Sheet April 30, 20YO Assets Cash Supplies. Land $462,500 12,500 150,000 Total assets $ (g) Liabilities Accounts payable. $ 100,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders'equity $375,000 (h) (1) Total labilittes and stockholders equity.. Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO Cash flows from (used for) operating activities: Cash received from customers... Cash paid for expenses and to creditors. Net cash flows from operating activities Cash flows from (used for) Investing activities: Cash pald for land... Cash flows from (used for) financing activities: Cash received from issuing common stock Cash pald for dividends.... Net cash flows from financing activities. Net Increase (decrease) in cash Cash balance, April 1, 20YO Cash balance, April 30, 20YO $ (k) (387,500) (m) $ (n) (0) ............ (p) $ () ..... .................... ...............

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Missing amounts from financial statements
The financial statements at the end of Wolverine Realty's first month of
operations are as attached:

 

Instructions
By analyzing the interrelationships among the four financial statements,
determine the proper amounts for (a) through (r).

Wolverine Realty Income Statement For the Month Ended April 30, 20YO $ (a) Fees earned.. Expenses: Wages expense Rent expense... $300,000 100,000 (b) 20,000 Supplies expense Utilities expense Miscellaneous expense. Total expenses.. Net income. 25,000 _(475,000) S 275,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20YO Common Stock Retained Earnings Total Balances, April 1, 20Y0.. Issued common stock.. (c) (c) (d) (125,000) $ (e) (d) (125,000) Net income.. Dividends Balances, April 30, 20Y0. $ (c) Wolverine Realty Balance Sheet April 30, 20YO Assets Cash Supplies. Land $462,500 12,500 150,000 Total assets $ (g) Liabilities Accounts payable. $ 100,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders'equity $375,000 (h) (1) Total labilittes and stockholders equity.. Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO Cash flows from (used for) operating activities: Cash received from customers... Cash paid for expenses and to creditors. Net cash flows from operating activities Cash flows from (used for) Investing activities: Cash pald for land... Cash flows from (used for) financing activities: Cash received from issuing common stock Cash pald for dividends.... Net cash flows from financing activities. Net Increase (decrease) in cash Cash balance, April 1, 20YO Cash balance, April 30, 20YO $ (k) (387,500) (m) $ (n) (0) ............ (p) $ () ..... .................... ...............
Transcribed Image Text:Wolverine Realty Income Statement For the Month Ended April 30, 20YO $ (a) Fees earned.. Expenses: Wages expense Rent expense... $300,000 100,000 (b) 20,000 Supplies expense Utilities expense Miscellaneous expense. Total expenses.. Net income. 25,000 _(475,000) S 275,000 Wolverine Realty Statement of Stockholders' Equity For the Month Ended April 30, 20YO Common Stock Retained Earnings Total Balances, April 1, 20Y0.. Issued common stock.. (c) (c) (d) (125,000) $ (e) (d) (125,000) Net income.. Dividends Balances, April 30, 20Y0. $ (c) Wolverine Realty Balance Sheet April 30, 20YO Assets Cash Supplies. Land $462,500 12,500 150,000 Total assets $ (g) Liabilities Accounts payable. $ 100,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders'equity $375,000 (h) (1) Total labilittes and stockholders equity.. Wolverine Realty Statement of Cash Flows For the Month Ended April 30, 20YO Cash flows from (used for) operating activities: Cash received from customers... Cash paid for expenses and to creditors. Net cash flows from operating activities Cash flows from (used for) Investing activities: Cash pald for land... Cash flows from (used for) financing activities: Cash received from issuing common stock Cash pald for dividends.... Net cash flows from financing activities. Net Increase (decrease) in cash Cash balance, April 1, 20YO Cash balance, April 30, 20YO $ (k) (387,500) (m) $ (n) (0) ............ (p) $ () ..... .................... ...............
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