By analyzing the interrelationships among the financial statements, fill in the
ID: 2330717 • Letter: B
Question
By analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s). If your answer is zero enter "0".
a. Fees earned $ b. Utilities expense $ c. Net income $ d. Retained earnings, December 1, 20Y4 $ e. Less dividends $ f. Net income minus dividends $ g. Retained earnings, December 31, 20Y4 $ h. Cash $ i. Capital stock $ j. Retained earnings $ k. Total stockholders' equity $ l. Total liabilities and stockholders' equity $ m. Net cash flows from operating activities $ n. Cash received from notes payable $ o. Total cash received from financing activities $ p. Net cash flows from financing activities $ q. Net increase in cash $ r. December 1, 20Y4, cash balance $ s. December 31, 20Y4, cash balance $ NETWORK REALTY, INC. Income Statement For the Month Ended December 31, 20Y4 s (a) Operating expenses: Interest expense... Miscellaneous expense 1,800 3,960 67,500 NETWORK REALTY, INC. Retained Earnings Statement For the Month Ended December 31, 20Y4 $(d) (e(f $(9) NETWORK REALTY, INC Balance Sheet December 31, 20Y4 Assets S h) 175,000 $225,500 Total assets Liabilities Notes payable 105,000 Stockholders'Equity Capital stock NETWORK REALTY, INC Statement of Cash Flows For the Month Ended December 31, 20Y4 Cash flows from operating activities: 125,000 67500 Deduct cash payments for expenses........ Net cash flows from operating activities...... .. Cash flows used in investing activities: s (m) (175,000) Cash flows from financing activities: Cash received from sale of capital stock Cash received from issuing notes payable ........(n) S (o) Net cash flows from financing activities............. $ (q) S (s)Explanation / Answer
Fill in the proper amounts as follows:
Calculation of above figures are as follows:
a. Fees earned Total operating expenses + net income 125000 b. Utilities expense Total operating expenses - all other expenses 10620 c. Net income See retained earnings statement 57500 d. Retained earnings, December 1, 20Y4 Will be zero as it is the first month of operation 0 e. Less dividends See statement of cash flows 12000 f. Net income minus dividends Net income - dividends 45500 g. Retained earnings, December 31, 20Y4 Will be equal to net income minus dividends because there is no beginning balance of retained earnings 45500 h. Cash Total assets - land 50500 i. Capital stock See statement of cash flows 75000 j. Retained earnings Will be equal to retained earnings, December 31, 20Y4 45500 k. Total stockholders' equity Capital stock + Retained eanrings 120500 l. Total liabilities and stockholders' equity Will be equal to total assets 225500 m. Net cash flows from operating activities Cash received from customers minus payment for expenses 57500 n. Cash received from notes payable See balance sheet 105000 o. Total cash received from financing activities Cash received from sale of capital stock plus cash received from issuing notes payable 180000 p. Net cash flows from financing activities Total cash received from financing activities minus cash dividends 168000 q. Net increase in cash Net cash flows from operating activities minus cash paid for purchase of land minus net cash flows from financing activities 50500 r. December 1, 20Y4, cash balance Will be zero as it is the first month of operation 0 s. December 31, 20Y4, cash balance Will be equal to net increase in cash 50500Related Questions
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