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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
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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