Question

Missing Amounts From Financial Statements The financial statements at the end of Paradise Realty's first month...

Missing Amounts From Financial Statements

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

PARADISE REALTY
Income Statement
For the Month Ended November 30, 20Y3

Fees earned

$149,300

Operating expenses:

Wages expense

$ (29,850)

Rent expense

14,400

Supplies expense

12000

Utilities expense

8,100

Miscellaneous expense

4,950

    Total operating expenses

(69,300)

Net income

$ (80,000)

PARADISE REALTY
Statement of Stockholders' Equity
For the Month Ended November 30, 20Y3

Common Stock

Retained Earnings

Total

Balances, Nov. 1, 20Y3

$0

$0

$0

Issuance of common stock

270,000

270,000

Net income

(80,000)

(80,000)

Dividends

(-36,000)

(-36,000)

Balances, Nov. 30, 20Y3

$270,000

$(44,000)

$314,000

PARADISE REALTY
Balance Sheet
November 30, 20Y3

Assets

Cash

$ 99,200

Supplies

6,000

Land

(216,000)

Total assets

$ (321,200)

Liabilities

Note payable

$ 7,200

Stockholders' Equity

Common stock

$ (270,000)

Retained earnings

(44,000)

Total stockholders' equity

(314,000)

Total liabilities and stockholders' equity

(321,200)

PARADISE REALTY
Statement of Cash Flows
For the Month Ended November 30, 20Y3

Cash flows from operating activities:

Cash received from customers

$ (149,300)

Deduct cash payments for expenses and payments to creditors

(68,100)

Net cash flows from operating activities

$ (81,200)

Cash flows used for investing activities:

Cash payments for acquisition of land

(216,000)

Cash flows from financing activities:

Cash received from issuing common stock

$ 270,000

Deduct dividends

(36,000)

Net cash flows from financing activities

(234,000)

Net increase in cash during month

(99,200)

Cash as of November 1

0

Cash as of November 30

(99,200)

Instructions:

1. Would you classify a realty business such as Paradise Realty as a manufacturing, merchandising, or service business?

2. By analyzing the interrelationships among the financial statements, determine the proper amounts for (a) through (o). Enter all amounts as positive numbers.

a. Wages expense

$

b. Net income

$

c. Net income for November

$

d. Dividends

$

e. Retained earnings, November 30, 20Y3

$

f. Land

$

g. Total assets

$

h. Common stock

$

i. Retained earnings

$

j. Total stockholders' equity

$

k. Total liabilities and stockholders' equity

$

l. Cash received from customers

$

m. Net cash flows from operating activities

$

n. Net cash flows from financing activities

$

o. Net cash flow and November 30, 20Y3 cash balance

$

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