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Reconcile Net Income and Net Cash Flows from operating activities Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express
Reconcile Net Income and Net Cash Flows from operating activities
Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:
- Terry Mason invested $30,000 in Succulent Express in exchange for common stock.
- Paid $5,400 on February 1 for an insurance premium on a one-year policy.
- Purchased supplies on account, $1,800.
- Received fees of $57,000 during February.
- Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200.
- Paid dividends of $8,000.
There was $300 of supplies on hand as of February 28. Assume that adjusting entries for usage of supplies and expiration of prepaid insurance were recorded on February 28, 20Y4.
Based on the information above, determine the net cash flow from operating activities as of February 28, 20Y4.
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