the financial statements at the end of alpine realty rsquo s first month of operatio 551153 | Homework Solutions

PR 1-6A Missing amounts from financial statements

The financial statements at the end of Alpine Realty’s first month of operations are as follows:

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Alpine Realty

Income Statement

For the Month Ended June 30, 2012

Fees earned

$ (a)


Wages expense


Rent expense


Supplies expense


Utilities expense


Miscellaneous expense


Total expenses


Net income


Alpine Realty

Statement of Owner’s Equity

For the Month Ended June 30, 2012

Aaron Gilbert, capital, June 1, 2012

$ (c)

Investment on June 1, 2012


Net income for June


Less withdrawals

$ (e)

Increase in owner’s equity


(f )

Aaron Gilbert, capital, June 30, 2012

$ (g)

Alpine Realty

Balance Sheet

June 30, 2012





Accounts payable




Owner’s Equity



Aaron Gilbert, capital


Total assets

$ (h)

Total liabilities and owner’s equity

$ (j)

Alpine Realty

Statement of Cash Flows

For the Month Ended June 30, 2012

Cash flows from operating activities:

Cash received from customers

$ (k)

Deduct cash payments for expenses and payments to creditors


Net cash flow from operating activities

$ (l)

Cash flows from investing activities:

Cash payments for acquisition of land


Cash flows from financing activities:

$ (n)

Cash received as owner’s investment


Deduct cash withdrawal by owner

Net cash flow from financing activities


Net cash flow and June 30, 2012, cash balance

$ (q)


By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (q).

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