3 of 6 < > Current Attempt in Progress Cheyenne Corp. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $13,500 cash in the business in exchange for common stock. 2. Purchased equipment for $4,500 cash. 3. Paid $300 cash for May office rent. 4. Paid $600 cash for supplies. 5. Incurred $300 of advertising costs in the Beacon News on account. 6. Received $5,600 in cash from customers for repair service. 7. Declared and paid a $1,000 cash dividend. 8. Paid part-time employee salaries $900. 9. Paid utility bills $160. 10. Performed repair services worth $910 on account. 11. Collected cash of $140 for services billed in transaction (10). Question 3 of 6 < Accounts Assets Cash Receivable 1. 2. 3. 4 5. 6. Supplies Equipn Question 3 of 6 From an analysis of the Retained Earnings columns, compute the net income or net loss for May. Cheyenne Corp. Income Statement 17 6A -/1