The financial statements at the end of Wolverine Realty's first month of operations are as follow
By analyzing the interrelationships among the four financial statements, determine the proper
payments, and decreases in cash in the Statement of Cash Flows.
Wolverine Realty
Income Statement
For the Month Ended April 30, 20Y0
Fees earned
Expenses:
Wages expense
Rent expense
Supplies expense
Utilities expense
Miscellaneous expense
Total expenses
Net income
$300,000
100,000
Wolverine Realty
20,000
25,000
(475,000)
$275,000