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Problem 1-3A On May 1, Cheyenne Corp., a company that provides flying lessons, was started by issuing common stock in exchange for cash of $45,250. Following are the assets and liabilities of the company on May 31, 2019, and the revenues and expenses for the month of May. Cash $28,000 1,050 Accounts Receivable $ 4,900 7,650 64,250 7,050 Equipment Notes Payable Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense 500 Service Revenue 2,350 750 250 Advertising Expense Accounts Payable 1,650 No additional investments were made in May, but the company paid dividends of $250 during the month. Prepare an income statement for May assuming the following data are not included above: (1) $950 worth of services were performed and billed but not collected at May 31, and (2) $1,100 of gasoline expense was incurred but not paid. Cheyenne Corp. Income Statement For the Month Ended May 31, 2019 Revenues Service Revenue 7050 Expenses Gasoline Expense 2350 Advertising Expense 750 Utilities Expense 250 Rent Expense 1050 Maintenance and Repairs Expense 500 Total Expenses 4900 Net Income / (Loss) 2150 Prepare a retained earnings statement for May assuming the following data are not included above: (1) $950 worth of services were performed and billed but not collected at May 31, and (2) $1,100 of gasoline expense was incurred but not paid. (List items that increase retained earnings first.) Cheyenne Corp. Retained Earnings Statement For the Month Ended May 31, 2019 A Net Income / (Loss) 0 Add A Net Income / (Loss) 2150 2150 Less Dividends 250 Retained Earnings, May 31 9 1900