Present an income statement for May

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Question - On May 31, 2016, Sheila's Cleaning Services Company had account balances as follows:

Accounts payable $9,000

Accounts receivable 26,650

Cash 11,420

Fees earned 70,850

Insurance expense 1,450

Land 74,025

Miscellaneous expense 1,610

Prepaid insurance 2,000

Rent expense 7,900

Salary expense 35,020

Dividends 15,100

Supplies 925

Supplies expense 825

Utilities expense 3,850

Capital stock 81,100

Retained earnings (beginning balance on May 1, 2016) 20,250

Required - Present, in good form, (a) an income statement for May, (b) a statement of shareholders' equity for May, and (c) a balance sheet as of May 31.

Reference no: EM132634742

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