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4 5 8 7 8 9 10 On May 1, Nimbus Flying School was started with a cash investment of $45,000 in exchange for common stock. Below are the assets and liabilities of the company on May 31, 2015, and the revenues and expenses for the month of May. The company paid dividents of $500 during the month. Cash 4,650 Notes Payable 28,000 Accounts Receivable 7,400 Rent Expense 900 Equipment 64,000 Maintenance and Repairs Expense 350 Service Revenue 6,800 Gasoline Expense 2,500 Advertising Expense 500 Utilities Expense 400 Accounts Payable 1,400 11 12 13 14 15 18 Instructions: Prepare an income statement and a retained earnings statement for the month of May and a balance sheet at May 31. 17 18 19 20 21 NIMBUS FLYING SCHOOL Income Statement For the Month Ended May 31, 2015 Revenues Service revenue 24 25 Expenses 26 27 28 20 30 Gasoline expense Rent expense Advertising expense Utilities expense Maintenance and repairs expense Total expenses Instructions: Prepare an income statement and a retained earnings statement for the month of May and a balance sheet at May 31. . 5 6 7 28 NIMBUS FLYING SCHOOL Income Statement For the Month Ended May 31, 2015 Revenues Service revenue Expenses Gasoline expense Rent expense Advertising expense Utilities expense Maintenance and repairs expense Total expenses Net income 530 31 32 33 34 35 36 37 NIMBUS FLYING SCHOOL Retained Earnings Statement For the Month Ended May 31, 2015 Retained Earnings, May 1 Add: Net Income Less: Dividends Retained earnings, May 31 38 39 40 43 42 ARDLIG FIVINAGALIAI