The transactions and framework of Terry Mason's integrated financial statements for February 20Y4 are shown below:

Terry Mason hosted The Fifth Season in early February 20Y4. During February, The Fifth Season made the following transactions:

Terry Mason invested $32,375 in The Fifth Season in exchange for equity capital.

You paid $4,620 on February 1 for an insurance premium on a 1-year policy.

Supplies purchased on account, $3,900.

Received fees of $58,970 during February.

Expenses paid as follows: salaries, $22,200; rent, $3,700; utilities, $1,850; and miscellaneous, $2,035.

It paid dividends of $7,770.

There were $2,730 in supplies available as of February 28.

Statement of cash flows	Balance sheet
	Assets					=	Passive	+	stockholders' equity
	Money	+	supplies	+	prepaid insurance	=	Accounts payable	+	Common actions	+	Retained earnings
to. Investment	32,375								32,375
b. insurance paid	–4,620				4,620
Balances	27,755				4,620				32,375
C. Supplies purchased			3,900				3,900
Balances	27,755		3,900		4,620		3,900		32,375
d. earned fees	58,970										58,970
Balances	86,725		3,900		4,620		3,900		32,375		58,970
my. paid expenses	–29,785										–29,785
Balances	56,940		3,900		4,620		3,900		32,375		29,185
F. dividends paid	-7,770										-7,770
Balances	49,170		3,900		4,620		3,900		32,375		21,415
a1. insurance costs					-385						-385
Balances	49,170		3,900		4,235		3,900		32,375		21,030
a2. Supply expenses			-1,170								-1,170
Balances, February 28	49,170		2,730		4,235		3,900		32,375		19,860
Statement of cash flows									Statement of income
to. Financing	$32,375								d. earned fees			$58,970
b. Operand	-4,620								my. salary expenses			-22,200
d. Operand	58,970								my. Rental costs			-3,700
my. operating	-29,785								my. Public service spending			-1,850
F. Financing	-7,770								my. miscellaneous expenses			-2,035
cash increase	$49,170								a1. Not p. Exp.			-385
									a2. Suministros exp.			-1,170
									Net Income			$27,630

Prepare an income statement for February.

the fifth season
Statement of income
For the month ended February 28, 20Y4
Money		ps
Operating expenses:
salary expenses	ps
Rental costs
Public service spending
Supply expenses
dividends
earned fees
Total expenses
		ps

Prepare a statement of retained earnings for February. If a quantity box does not require an entry, leave it blank or enter zero "0".

the fifth season
Stockholders' Equity Statement
For the month ended February 28, 20Y4
	Common actions	Retained earnings	Total
Balance, February 1	ps	ps	ps
	ps
Balance, February 28	ps	ps	ps

Prepare a balance sheet for February.

the fifth season
Balance sheet
February 28, 20Y4
Assets
		ps
total assets		ps
Passive
		ps
stockholders' equity
	ps
Equity of total shareholders
Total liabilities and stockholders' equity		ps

Prepare a statement of cash flows for February. If your answer is zero enter "0". Enter net cash outflows as negative amounts.

the fifth season
Statement of cash flows
For the month ended February 28, 20Y4
Cash flows from operating activities:
	ps
		ps
Cash flows from financing activities:
	ps
		ps
		ps

Answer rating: 100% (QA)

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