On May 31, 2012, Deana's Services Company had account balances as follows:
$\begin{array}{ll}
\$ 9,900 & \text { Accountspayable } \
26,950 & \text { Accounts receivable } \
11,390 & \text { Cash } \
70,800 & \text { Fees earned } \
1,475 & \text { Insurance expense } \
74,400 & \text { Land } \
1,510 & \text { Miscellaneous expense } \
2,000 & \text { Prepaid insurance } \
8,000 & \text { Rent expense } \
35,300 & \text { Salary expense } \
15,100 & \text { Dividends } \
950 & \text { Supplies } \
825 & \text { Supplies expense } \
3,800 & \text { Utilities expense } \
81,000 & \text { Capital stock } \
20,000 & \text { Retained earrings(beginning balance on May 1, 2012) }
\end{array}$
Present, in good form, (a) an income statement for May, (b) a statement of retained earnings for May, and (c) a balance sheet as of May 31.

Question

On May 31, 2012, Deana's Services Company had account balances as follows:
 $\begin{array}{ll}
\$ 9,900 & \text { Accountspayable } \
26,950 & \text { Accounts receivable } \
11,390 & \text { Cash } \
70,800 & \text { Fees earned } \
1,475 & \text { Insurance expense } \
74,400 & \text { Land } \
1,510 & \text { Miscellaneous expense } \
2,000 & \text { Prepaid insurance } \
8,000 & \text { Rent expense } \
35,300 & \text { Salary expense } \
15,100 & \text { Dividends } \
950 & \text { Supplies } \
825 & \text { Supplies expense } \
3,800 & \text { Utilities expense } \
81,000 & \text { Capital stock } \
20,000 & \text { Retained earrings(beginning balance on May 1, 2012) }
\end{array}$
 Present, in good form, (a) an income statement for May, (b) a statement of retained earnings for May, and (c) a balance sheet as of May 31.

Quizplus · Accepted Answer

The Answer of On May 31, 2012, Deana's Services Company had account balances as follows:
 $\begin{array}{ll}
\$ 9,900 & \text { Accountspayable } \
26,950 & \text { Accounts receivable } \
11,390 & \text { Cash } \
70,800 & \text { Fees earned } \
1,475 & \text { Insurance expense } \
74,400 & \text { Land } \
1,510 & \text { Miscellaneous expense } \
2,000 & \text { Prepaid insurance } \
8,000 & \text { Rent expense } \
35,300 & \text { Salary expense } \
15,100 & \text { Dividends } \
950 & \text { Supplies } \
825 & \text { Supplies expense } \
3,800 & \text { Utilities expense } \
81,000 & \text { Capital stock } \
20,000 & \text { Retained earrings(beginning balance on May 1, 2012) }
\end{array}$
 Present, in good form, (a) an income statement for May, (b) a statement of retained earnings for May, and (c) a balance sheet as of May 31.

On May 31, 2012, Deana's Services Company Had Account Balances