Posted: December 15th, 2015

Deduct cash dividends Net cash flows from financing activities Net increase (decrease) in cash and June 30, 2014, cash balance

ACCOUNTING

Missing Amounts from Financial Statements

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

Required:

Alpine Realty
Income Statement
For the Month Ended June 30, 2014
Fees earned
$
Expenses:
Wages expense
$ 51,500

Rent expense
25,770

Supplies expense

Utilities expense
14,430

Miscellaneous expense
8,760

Total expenses
121,850
Net income
$ 123,550

Alpine Realty
Retained Earnings Statement
For the Month Ended June 30, 2014
Retained earnings, June 1, 2014
$
Net income for June
$

Less dividends
55,900

Increase in retained earnings

Retained earnings, June 30, 2014
$

Balance Sheet
June 30, 2014
Assets
Cash
$162,860

Supplies
10,310

Land
373,000

Total Assets
$
Liabilities
Accounts payable
$71,520
Stockholders’ Equity
Capital stock
$ 407,000

Retained earnings

Total stockholders’ equity

Total liabilities and stockholders’ equity
$
Alpine Realty
Statement of Cash Flows
For the Month Ended June 30, 2014
Cash flows from operating activities:
Cash received from customers
$

Deduct cash payments for expenses and payments to creditors
60,640

Net cash flows from operating activities
$
Cash flows used for investing activities:
Cash payments for acquisition of land

Cash flows from financing activities:
Cash received from issuing capital stock
$

Deduct cash dividends

Net cash flows from financing activities

Net increase (decrease) in cash and June 30, 2014, cash balance
$

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