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Atlas Realty Income Statement For the Month Ended May 31, 20Y6 Fees earned.. $ 400,000 Expenses: Wages expense Rent expense..... Supplies expense Utilities expense Miscellaneous expense Total expenses... Net income.... S (a) 48,000 17,600 14,400 4,800 (288.000) S (b) Atlas Realty Statement of Stockholders' Equity For the Month Ended May 31, 20Y6 Common Retained Stock Earnings Total Balances, May 1, 20Y6 Issued common stock (c) (c) Net income.. Dividends Balances, May 31, 20Y6. (d) (e) $(f) (d) $ (c) $ (g) Atlas Realty Balance Sheet May 31, 20Y6 Assets Cash $123,200 Supplies. Land Total assets 12,800 (h) (i) Liabilities Accounts payable $ 48,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders' equity. (k) Total liabilities and stockholders' equity. (m) Atlas Realty Statement of Cash Flows For the Month Ended May 31, 20Y6 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 paid for acquisition of land Cash flows from (used for) financing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase (decrease) in cash $ (n) (252,800) (o) (120,000) $160,000 (64,000) (q) Cash balance, May 1, 20Y6 Cash balance, May 31, 20Y6 . (r)

Atlas Realty Income Statement For the Month Ended May 31, 20Y6 Fees earned.. $ 400,000 Expenses: Wages expense Rent expense..... Supplies expense Utilities expense Miscellaneous expense Total expenses... Net income.... S (a) 48,000 17,600 14,400 4,800 (288.000) S (b) Atlas Realty Statement of Stockholders' Equity For the Month Ended May 31, 20Y6 Common Retained Stock Earnings Total Balances, May 1, 20Y6 Issued common stock (c) (c) Net income.. Dividends Balances, May 31, 20Y6. (d) (e) $(f) (d) $ (c) $ (g) Atlas Realty Balance Sheet May 31, 20Y6 Assets Cash $123,200 Supplies. Land Total assets 12,800 (h) (i) Liabilities Accounts payable $ 48,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders' equity. (k) Total liabilities and stockholders' equity. (m) Atlas Realty Statement of Cash Flows For the Month Ended May 31, 20Y6 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 paid for acquisition of land Cash flows from (used for) financing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase (decrease) in cash $ (n) (252,800) (o) (120,000) $160,000 (64,000) (q) Cash balance, May 1, 20Y6 Cash balance, May 31, 20Y6 . (r)

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 5PA: Multiple-step income statement and balance sheet The following selected accounts and their current...
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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, 20Y6 Fees earned.. $ 400,000 Expenses: Wages expense Rent expense..... Supplies expense Utilities expense Miscellaneous expense Total expenses... Net income.... S (a) 48,000 17,600 14,400 4,800 (288.000) S (b) Atlas Realty Statement of Stockholders' Equity For the Month Ended May 31, 20Y6 Common Retained Stock Earnings Total Balances, May 1, 20Y6 Issued common stock (c) (c) Net income.. Dividends Balances, May 31, 20Y6. (d) (e) $(f) (d) $ (c) $ (g)
Transcribed Image Text:Atlas Realty Income Statement For the Month Ended May 31, 20Y6 Fees earned.. $ 400,000 Expenses: Wages expense Rent expense..... Supplies expense Utilities expense Miscellaneous expense Total expenses... Net income.... S (a) 48,000 17,600 14,400 4,800 (288.000) S (b) Atlas Realty Statement of Stockholders' Equity For the Month Ended May 31, 20Y6 Common Retained Stock Earnings Total Balances, May 1, 20Y6 Issued common stock (c) (c) Net income.. Dividends Balances, May 31, 20Y6. (d) (e) $(f) (d) $ (c) $ (g)
Atlas Realty Balance Sheet May 31, 20Y6 Assets Cash $123,200 Supplies. Land Total assets 12,800 (h) (i) Liabilities Accounts payable $ 48,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders' equity. (k) Total liabilities and stockholders' equity. (m) Atlas Realty Statement of Cash Flows For the Month Ended May 31, 20Y6 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 paid for acquisition of land Cash flows from (used for) financing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase (decrease) in cash $ (n) (252,800) (o) (120,000) $160,000 (64,000) (q) Cash balance, May 1, 20Y6 Cash balance, May 31, 20Y6 . (r)
Transcribed Image Text:Atlas Realty Balance Sheet May 31, 20Y6 Assets Cash $123,200 Supplies. Land Total assets 12,800 (h) (i) Liabilities Accounts payable $ 48,000 Stockholders' Equity Common stock. Retained earnings.. Total stockholders' equity. (k) Total liabilities and stockholders' equity. (m) Atlas Realty Statement of Cash Flows For the Month Ended May 31, 20Y6 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 paid for acquisition of land Cash flows from (used for) financing activities: Cash received from issuing common stock Cash paid for dividends Net cash flows from financing activities Net increase (decrease) in cash $ (n) (252,800) (o) (120,000) $160,000 (64,000) (q) Cash balance, May 1, 20Y6 Cash balance, May 31, 20Y6 . (r)
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