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On May 1, Nimbus Flying School, a company that provides flying lessons, was started with an investment of $45,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2017, and the revenues and expenses for the month of May.

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

Prepare a balance sheet at May 31. (List Assets in order of liquidity.) NIMBUS FLYING SCHOOL Balance Sheet For the Month Ended May 31, 2017 V Assets $ Liabilities and Stockholders' Equity $ $ Prepare an income statement for May assuming the following data are not included above: (1) $900 worth of services were performed and billed but not collected at May 31, and (2) $1,500 of gasoline expense was incurred but not paid. NIMBUS FLYING SCHOOL Income Statement $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a retained earnings statement for May assuming the following data are not included above: (1) $900 worth of services were performed and billed but not collected at May 31, and (2) $1,500 of gasoline expense was incurred but not paid. (List items that increase retained earnings first.) NIMBUS FLYING SCHOOL Retained Earnings Statement Prepare a balance sheet at May 31. (List Assets in order of liquidity.) NIMBUS FLYING SCHOOL Balance Sheet For the Month Ended May 31, 2017 V Assets $ Liabilities and Stockholders' Equity $ $ Prepare an income statement for May assuming the following data are not included above: (1) $900 worth of services were performed and billed but not collected at May 31, and (2) $1,500 of gasoline expense was incurred but not paid. NIMBUS FLYING SCHOOL Income Statement $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a retained earnings statement for May assuming the following data are not included above: (1) $900 worth of services were performed and billed but not collected at May 31, and (2) $1,500 of gasoline expense was incurred but not paid. (List items that increase retained earnings first.) NIMBUS FLYING SCHOOL Retained Earnings Statement

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