The transactions and integrated financial statement framework for Terry Mason for February $20$Y$4$ appear below:

Alex Vera organized Succulent Express at the beginning of February $20$Y$4.$ During February, Succulent Express entered into the following transactions:

Terry Mason invested $$33,750$ in Succulent Express in exchange for common stock.

Paid $$7,600$ on February $1$ for an insurance premium on a one$-$year policy.

Purchased supplies on account, $$2,640.$

Received fees of $$52,550$ during February.

Paid expenses as follows: wages, $$15,000$; rent, $$2,500$; utilities, $$1,250$; and miscellaneous, $$1,375.$

Paid dividends of $$7,500.$

There was $$2,244$ of supplies on hand as of February $28.$

Financial Statement Effects SUCCULENT EXPRESS

Income Statement

For the Month Ended February $28,20$ Y $4$

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.

SUCCULENT EXPRESS

Statement of Stockholders' Equity

For the Month Ended February $28,20$ Y $4$ Recall that net income on the income statement must be equal to the net effects of revenues and expenses on retained earnings.

earnings plus net income less dividends is equal to ending retained earnings.Prepare a balance sheet for February.

SUCCULENT EXPRESS

Balance Sheet

February $28,20$ Y$4$

Recall that the balance sheet is a formal representation of the accounting equation, such that total assets mus

Assets are items owned by the company, while liabilities are debts owed to creditors, and stockholders' equityIdentify the sources of cash and determine the company's use of cash. Recall that there are three types of cash flows

financing activities.

Financing $33,750$ d$.$ Fees earned $52,550$

b$.$ Operating $-7,600$ e$.$ Wages expense $-15,000$

d$.$ Operating $52,550$ e$.$ Rent expense $-2,500$

e$.$ Operating $-20,125$ e$.$ Utilities expense $-1,250$

f$.$ Financing $-7,500$ e$.$ Miscellaneous expense $-1,375$

Increase in cash $51,075$ a$1.$ Ins. exp. $-633$

a$2.$ Supplies exp. $-396$

Net income $31,396$