he transactions and integrated financial statement framework for Terry Mason for February 20Y4 appear below:

Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:

1. Terry Mason invested $27,125 in Succulent Express in exchange for common stock.
2. Paid $7,800 on February 1 for an insurance premium on a one-year policy.
3. Purchased supplies on account, $3,360.
4. Received fees of $62,180 during February.
5. Paid expenses as follows: wages, $15,000; rent, $2,500; utilities, $1,250; and miscellaneous, $1,375.
6. Paid dividends of $8,445.

There was $3,024 of supplies on hand as of February 28.

Financial Statement Effects

		Balance Sheet
	Assets	=	Liabilities	+	Stockholders' Equity
	Cash	+	Supplies	+	Prepaid Insurance	=	Accounts Payable	+	Common Stock	+	Retained Earnings
a.	Investment	27,125								27,125
b.	Paid insurance	7,800				7,800
	Balances	19,325				7,800				27,125
c.	Purchased supplies			3,360				3,360
	Balances	19,325		3,360		7,800		3,360		27,125
d.	Fees earned	62,180										62,180
	Balances	81,505		3,360		7,800		3,360		27,125		62,180
e.	Paid expenses	20,125										20,125
	Balances	61,380		3,360		7,800		3,360		27,125		42,055
f.	Paid dividends	-8,445										-8,445
	Balances	52,935		3,360		7,800		3,360		27,125		33,610
a1.	Insurance expense					-650						-650
	Balances	52,935		3,360		7,150		3,360		27,125		32,960
a2.	Supplies expense			-336								-336
	Balances, February 28	52,935		3,024		7,150		3,360		27,125		32,624
Statement of Cash Flows		Income Statement
a.	Financing	27,125		d.	Fees earned	62,180
b.	Operating	-7,800		e.	Wages expense	-15,000
d.	Operating	62,180		e.	Rent expense	-2,500
e.	Operating	-20,125		e.	Utilities expense	-1,250
f.	Financing	-8,445		e.	Miscellaneous expense	-1,375
	Increase in cash	52,935		a1.	Ins. exp.	-650
				a2.	Supplies exp.	-336
					Net income	41,069

Question Content Area

Prepare an income statement for February.

CashFees earnedRent expenseSupplies expenseFees earned		$Fees earned
Operating expenses:
DividendsFees earnedPrepaid insuranceWages expense	$- Select -
Accounts payableCashRent expenseRetained earnings	- Select -
Common stockCashDividendsUtilities expense	- Select -
Common stockFees earnedRetained earningsSupplies expense	- Select -
CashDividendsInsurance expensePrepaid insurance	- Select -
Accounts payableCommon stockFees earnedMiscellaneous expense	- Select -
Total operating expenses		fill in the blank 78ecb20e7053fce_15
Net incomeNet loss		$- Select -

Question Content Area

Prepare a retained earnings statement for February. If an amount box does not require an entry, leave it blank.

blank	Common Stock	Retained Earnings	Total
Balances, Feb. 1, 20Y4	fill in the blank 727756041fc5ff3_1	fill in the blank 727756041fc5ff3_2	fill in the blank 727756041fc5ff3_3
CashIssued common stockMiscellaneous expensePrepaid insuranceSupplies	- Select -	- Select -	- Select -
CashNet incomeNet lossRetained earningsRent expense	- Select -	- Select -	- Select -
CashDividendsNet lossRetained earningsSupplies expense	- Select -	- Select -	- Select -
Balances, Feb. 28, 20Y4	$fill in the blank 727756041fc5ff3_16	$fill in the blank 727756041fc5ff3_17	$fill in the blank 727756041fc5ff3_18

Question Content Area

Prepare a balance sheet for February.

Assets
Accounts payableCashFees earnedRent expense		$- Select -
Common stockDividendsSuppliesSupplies expense		- Select -
Insurance expensePrepaid insuranceRetained earningsUtilities expense		- Select -
Total assets		$fill in the blank 86aa65010f94ffe_7
Liabilities
Accounts payablePrepaid insuranceRetained earningsSupplies		$- Select -
Stockholders' Equity
Common stockCashFees earnedWages expense	$- Select -
Accounts payablePrepaid insuranceRetained earningsSupplies	- Select -
Total stockholders' equity		fill in the blank 86aa65010f94ffe_14
Total liabilities and stockholders' equity		$fill in the blank 86aa65010f94ffe_15

Question Content Area

Prepare a statement of cash flows for February. If your answer is zero enter "0". Enter net cash outflows beginning with a minus sign.

Cash flows from (used for) operating activities:
Cash paid to customersCash received from customersIncrease in prepaid insuranceIncrease in suppliesNet increase in cash during February	$- Select -
Cash paid as dividendsCash paid for expensesNet cash flows from financing activitiesNet incomeNet increase in cash during February	- Select -
Cash received from issuing common stockCash received from customersNet cash flows from financing activitiesNet cash flows from operating activitiesNet increase in cash during February		$- Select -
Cash flows from (used for) financing activities:
Cash paid for expensesCash received from customersNet cash flows from investing activitiesNet incomeCash received from issuing common stock	$- Select -
Cash paid as dividendsCash paid for expensesIncrease in expensesIncrease in suppliesNet income	- Select -
Cash paid for expensesCash received from customersNet cash flows from financing activitiesNet cash flows from investing activitiesNet increase in cash during February		- Select -
Cash received from customersNet increase in cash during FebruaryNet cash flows from financing activitiesNet cash flows from investing activitiesNet income