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Missing Amounts from Financial Statements

Missing Amounts from Financial Statements

The financial statements at the end of Dillworth Realty's first month of operations are shown below.

DILLWORTH REALTY
Income Statement
For the Month Ended November 30, 2013

Fees earned

 

 

 

$149,300 

Operating expenses:

 

 

 

 

Wages expense

 

$ (a)

 

 

Rent expense

 

14,400

 

 

Supplies expense

 

12000

 

 

Utilities expense

 

8,100

 

 

Miscellaneous expense

 

4,950

 

 

    Total operating expenses

 

 

 

(69,300)

Net income

 

 

 

$ (b)

 

DILLWORTH REALTY
Statement of Stockholders' Equity
For the Month Ended November 30, 2013

 

Common Stock

Retained Earnings

Total

Balances, Nov. 1, 2013

 

$0

 

$0

 

 

$0

 

 

Issuance of common stock

 

270,000

 

 

 

 

270,000

 

 

Net income

 

 

 

(c)

 

 

(c)

 

 

Dividends

 

 

 

(d)

 

 

(d)

 

 

Balances, Nov. 30, 2013

 

$270,000

 

$(e)

 

 

$314,000

 

 

 

DILLWORTH REALTY
Balance Sheet 
November 30, 2013

Assets

Cash

 

$ 99,200

Supplies

 

6,000

Land

 

(f)

Total assets

 

$ (g)

Liabilities

Note payable

 

$ 7,200

Stockholders' Equity

Common stock

$ (h)

 

Retained earnings

(i)

 

Total stockholders' equity

 

(j)

Total liabilities and stockholders' equity

 

(k)

 

DILLWORTH REALTY
Statement of Cash Flows 
For the Month Ended November 30, 2013

Cash flows from operating activities:

   

Cash received from customers

$ (l)

 

Deduct cash payments for expenses and payments to creditors

(68,100)

 

Net cash flows from operating activities

 

$ (m)

Cash flows used for investing activities:

   

Cash payments for acquisition of land

 

(216,000)

Cash flows from financing activities:

   

Cash received from issuing common stock

$ 270,000

 

Deduct dividends

(36,000)

 

Net cash flows from financing activities

 

(n)

Net increase in cash during month

 

(o)

Cash as of November 1

 

0

Cash as of November 30

 

(o)

Instructions:

  1.  Would you classify a realty business such as Dillworth Realty as a manufacturing, merchandising, or service business?
  2.  By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through (o). Enter all amounts as positive numbers.

a.  Wages expense

$

b.  Net income

$

c.  Net income for November

$

d.  Dividends

$

e.  Retained earnings, November 30, 20Y3

$

f.  Land

$

g.  Total assets

$

h.  Common stock

$

i.  Retained earnings

$

j.  Total stockholders' equity

$

k.  Total liabilities and stockholders' equity

$

l.  Cash received from customers

$

m.  Net cash flows from operating activities

$

n.  Net cash flows from financing activities

$

o.  Net cash flow and November 30, 20Y3 cash balance

$

 

Sep 22 2020 Read more Less More

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