Missing Amounts from Financial Statements

December 12th, 2015

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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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