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I. Bright Corporation's accounts and balance sheets as at 31 May 2022 are shown below....

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Accounting

I. Bright Corporation's accounts and balance sheets as at 31 May 2022 are shown below. Retained Earnings balance sheet is as of May 1, 2022.

Accounts with Balances:

Salaries Payable $17,000

Depreciation Expense 50,000

Supplies Expense 8,000

Dividends 280,000

Cost of Goods Sold 780,000

Common Stock 300,000

Equipment-net 200,000

Salaries Expense 115,000

Notes Payable-due 2025 40,000

Supplies 10,000

Insurance Expense 1,500

Accounts Payable 23,000

Prepaid Insurance 12,000

Sales-net 1,300,000

Interest Payable 500

Retained Earnings 400,000

Cash 14,800

Buildings-net 400,000

Advertising Expense 45,000

Additional Paid In Capital 172,800

Accounts Receivable-net 15,000

Interest Expense 3,000

Land 200,000

Tax rate 40%

Required:

1. Prepare an income statement and a retained earnings statement for Bright Corporation for the month ended 31 May 2022.

2. Prepare a balance sheet for Bright Corporation by 31 May 2022.

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