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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) \$1,150 of gasoline expense was incurred but not paid. (List items that increase retained earnings first.) Dividends Expenses Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Revenues Total Expenses Total Revenues Investments On May 1, Marigold Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,300. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. Marigold Corp. Income Statement For the Month Ended May 31, 2022 Revenues Service Revenue $7,100 Expenses Rent Expense $ 1,100 Maintenance and Repairs Expense Gasoline Expense Utilities Expense Advertising Expense Total Expenses Net Income / (Loss) Marigold Corp. Retained Earnings Statement For the Month Ended May 31, 2022 Retained Earnings, May 1 Add : Net Income / (Loss) Less : Dividends Retained Earnings, May 31 $ 2150 $ 1950 Marigold Corp. Balance Sheet May 31, 2022 Assets Cash Accounts Receivable Equipment Total Assets Liabilities and Stockholders' Equity Liabilities Accounts Payable Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 7,700 Marigold Corp. Income Statement For the Month Ended May 31, 2022 Revenues Service Revenue $8,050 Expenses Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense Advertising Expense Total Expenses Net Income / (Loss) $ 1,100

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