Ultra Pty Ltd was started on 1 May with an investment of $75 000 cash. Following are the assets and liabilities of the company on 31 May 2016, and the revenues and expenses for the month of May, its first month of operations. 

No further shares were issued in May, but a dividend of $2000 in cash was paid. 

Required

Prepare a statement of profit or loss and statement of changes in equity for the month of May, and prepare a statement of financial position as at 31 May 2016.

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Cash Accounts receivable Equipment Service revenue Advertising expense Accounts payable $30 500 25 400 87 000 42 800 800 8400 Bank loan Rent expense Repair expense Fuel expense Insurance expense $40 000 12 500 1 800 3600 2600