ACCOUNTING

Order Instructions/Description

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

$