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December 12th, 2015 
admin 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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