Financial Statements The transactions and integrated financial statement framewo

Question

Financial Statements 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: Terry Mason invested $27,750 in The Fifth Season in exchange for capital stock. Paid $6,300 on February 1 for an insurance premium on a 1-year policy. Purchased supplies on account, $2,460. Received fees of $61,110 during February. Paid expenses as follows: wages, $20,400; rent, $3,400; utilities, $1,700; and miscellaneous, $1,870. Paid dividends of $9,525. There was $1,353 of supplies on hand as of February 28.

Prepare an income statement for February.

Prepare a balance sheet for February.

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

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

CengageNOV2 l Online × 8th Edition Chapter 3 P × MindTap Cengage Lea × 5% MindTaP-Cengage Lea × Chegg Study Guided S C Not secure v2.cengagenow.com/ilrn/takeAssign ignmentMain.doinvoker= assignments&takeAssign; r assignment-take&inprogress-e; Q Chapter 3 1. EX.03-01 Algo 2. EX.D3 03.Algo 3. EX.03-08 Algo 4. EX.03-03 Algo 5. EK.03-10.Algo 6. EX.03-14.Algo Calculator Prepare an income stacement for Fabruary. The Fifth Season Income Statement For the Month Ended Operating pesas: Totel expenses Prepare a retained earnings statement for February. If an amount box does noc nacuire an enry, leave blank crenter zero '0". The Fifth Season Statement of Stockholders' Equity For the Month Ended February 28 20Y4 Common S:ock Retned Eamings Belance. February 1 Ealanca, Fabnuary 28 Prepsre a bslence shest for Februery. The Fifth Season Balance Sheet PreviousNext Progress: 2/6 items signment Score: 0.0% All work saved. Save and Exit Submit Assignment for Erading 1:30 PM 3/21/2018

Explanation / Answer

INCOME STATEMENT Fees received 61110 Less: Operating expense Wages 20400 Rent 3400 Utilities 1700 Misc. expensse 1870 Supplies expense 1,107 Insurance expense 525 Net Income 32108 RETAINED EARNING Beginning balance 0 Add: Net income earned 32108 Less: Dividend paid 9525 Ending balance 22583 CASHFLOW STATEMENT: Cashflows from Operating Activities: Cash reeived from fees revenue 61110 Cash paid for wages -20400 Cash paid for rent -3400 Cash paid for utilities -1700 Cash paid for misc. expense -1,870 Cash paid for Annual insurance -6,300 Net cash provided by Operating Activities 27440 Cashflows from Investing Activities 0 Cashflows from Financing Activities Issue of Common Stock 27750 Dividend paid -9525 Net cash inflows from financing activities 18225 Net cash inflow during the year 45665 Add: Beginning balance 0 Less: Ending balance 45665 BALANCE SHEET Cash 45665 Supplies 1353 Insurance 5775 Total Assets 52793 Liabilities: Accounts Payable 2460 Stockholder' equity: Common Stock 27750 Retained earning 22583 Total Stockholder's equity 50333 Total liabilities and stockholder's equity 52793

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