On May 1, Skyline Flying School, a company that provides flying lessons, was started with an investment of $45,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2008, and the revenues and expenses for the month of May.
| Cash | 5,600 | Notes Payable | 30,000 |
| Accounts Receivable | 7,200 | Rent Expense | 1,200 |
| Equipment | 64,000 | Repair Expense | 400 |
| Lesson Revenue | 7,500 | Fuel Expense | 2,500 |
| Advertising Expense | 500 | Insurance Expense | 400 |
| Accounts Payable | 800 |
No additional investments were made in May, but the company paid dividends of $1,500 during the month.
Instructions
(a) Prepare an income statement and a retained earnings statement for the month of May and a balance sheet at May 31.
(b) Prepare an income statement and a retained earnings statement for May assuming the following data are not included above: (1) $900 of revenue was earned and billed but not collected at May 31, and (2) $1,500 of fuel expense was incurred but not paid.
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