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Missing Amounts from Financial Statements
The financial statements at the end of Dillworth Realty's first month of operations are shown below.
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DILLWORTH REALTY |
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Fees earned |
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$149,300 |
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Operating expenses: |
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Wages expense |
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$ (a) |
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Rent expense |
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14,400 |
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Supplies expense |
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12000 |
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Utilities expense |
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8,100 |
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Miscellaneous expense |
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4,950 |
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Total operating expenses |
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(69,300) |
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Net income |
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$ (b) |
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DILLWORTH REALTY |
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Common Stock |
Retained Earnings |
Total |
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Balances, Nov. 1, 2013 |
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$0 |
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$0 |
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$0 |
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Issuance of common stock |
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270,000 |
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270,000 |
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Net income |
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(c) |
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(c) |
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Dividends |
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(d) |
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(d) |
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Balances, Nov. 30, 2013 |
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$270,000 |
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$(e) |
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$314,000 |
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DILLWORTH REALTY |
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Assets |
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Cash |
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$ 99,200 |
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Supplies |
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6,000 |
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Land |
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(f) |
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Total assets |
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$ (g) |
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Liabilities |
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Note payable |
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$ 7,200 |
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Stockholders' Equity |
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Common stock |
$ (h) |
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Retained earnings |
(i) |
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Total stockholders' equity |
(j) |
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Total liabilities and stockholders' equity |
(k) |
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DILLWORTH REALTY |
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Cash flows from operating activities: |
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Cash received from customers |
$ (l) |
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Deduct cash payments for expenses and payments to creditors |
(68,100) |
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Net cash flows from operating activities |
$ (m) |
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Cash flows used for investing activities: |
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Cash payments for acquisition of land |
(216,000) |
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Cash flows from financing activities: |
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Cash received from issuing common stock |
$ 270,000 |
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Deduct dividends |
(36,000) |
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Net cash flows from financing activities |
(n) |
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Net increase in cash during month |
(o) |
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Cash as of November 1 |
0 |
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Cash as of November 30 |
(o) |
Instructions:
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a. Wages expense |
$ |
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b. Net income |
$ |
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c. Net income for November |
$ |
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d. Dividends |
$ |
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e. Retained earnings, November 30, 20Y3 |
$ |
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f. Land |
$ |
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g. Total assets |
$ |
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h. Common stock |
$ |
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i. Retained earnings |
$ |
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j. Total stockholders' equity |
$ |
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k. Total liabilities and stockholders' equity |
$ |
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l. Cash received from customers |
$ |
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m. Net cash flows from operating activities |
$ |
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n. Net cash flows from financing activities |
$ |
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o. Net cash flow and November 30, 20Y3 cash balance |
$ |
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