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The transactions and integrated financial statement framework for Terry Mason for February 20Y4 appear below: Terry Mason organized The Fifth Season at the beginning of February 20Y4. During February, The Fifth Season entered into the following transactions: a. Terry Mason invested $29,375 in The Fifth Season in exchange for capital stock. b. Paid $5,460 on February 1 for an insurance premium on a 1-year policy. c. Purchased supplies on account, $1,560 d. Received lees of $56,295 during February. e. Paid expenses as follows: wages, $15,000; rent, $2,500; utilities, $1,250; and miscellaneous, $1,375. 1. Paid dividends of $7,770. There was $1,248 of supplies on hand as of February 28. Balance Sheet Statement of Cash Flows Assets Liabilities Stockholders' Equity Cash + Supplies + Prepaid Insurance Accounts Payable + Common Stock Retained Earnings a. Investment 29,375 29,375 b. Paid insurance -5,460 5,460 Balances 23,915 5,460 29,375 c. Purchased supplies 1.560 1,560 Balances 23,915 1,560 5,460 1,560 29,375 d. Fees earned 56,295 56,295 Balances 80,210 1,560 5,460 1,560 29,375 56,295 e. Paid expenses -20,125 -20,125 Balances 60,085 1,560 5,460 1,560 29,375 36,170 1. Paid dividends -7,770 -7,770 Balances 52,315 1,560 5,460 1,560 29,375 28,400 al. Insurance expense -455 -455 Balances 52,315 1.560 5,005 1.560 560 29,375 27,945 a2. Supplies expense -312 -312 Balances, February 28 52,315 1,248 5,005 1,560 29,375 27,633 Statement of Cash Flows Income Statement a. Financing $29,375 d. Fees earned $56,295 b. Operating -5,460 e. Wages expense -15,000 d. Operating 56,295 e. Rent expense -2,500 e. Operating -20,125 e. Utilities expense -1,250 1. Financing -7,770 e. Miscellaneous expense -1,375 Increase in cash $52,315 al. Ins. exp. -455 a2. Supplies exp. -312 Net income $35,403 Prepare an income statement for February The Fifth Season Income Statement For the Month Ended February 28, 2014 Cash x Operating expenses: Q11100 Total expenses Feedback Check My Work An income statement lists revenues and expenses. When revenues are more than the expenses, the difference is net income. Prepare a retained earnings statement for February. If an amount box does not require an entry, leave it blank or enter zero "O". The Fifth Season Statement of Stockholders' Equity For the Month Ended February 28, 2014 Common Stock Retained Eamings Balance, February 1 Total Balance, February 28 Feedback Check My Work Recall that net income on the income statement must equal to the net effects of revenues and expenses on retained earnings. Therefore, beginning retained earnings plus net income less dividends is equal to ending retained earnings. Prepare a balance sheet for February The Fifth Season Balance Sheet February 28, 2014 Assets O doo Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Feedback Check My Work Recall that the balance sheet is a formal representation of the accounting e Prepare a statement of cash flows for February. If your answer is zero enter "O". E The Fifth Season Statement of Cash Flows For the Month Ended February 28, 2044 Cash flows from operating activities: Cash flows from financing activities