Using the data from Exercises 3-1 and 3-2, prepare financial statements for February, including income statement, statement
Question:
Using the data from Exercises 3-1 and 3-2, prepare financial statements for February, including income statement, statement of stockholders’ equity, balance sheet, and statement of cash flows.
Data from Exercise 3-1
Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:
a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock.
b. Paid $5,400 on February 1 for an insurance premium on a one-year policy.
c. Purchased supplies on account, $1,800.
d. Received fees of $57,000 during February.
e. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200.
f. Paid dividends of $8,000.
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