On May 1, 2007, the amount of Mary Beth's capital in Beths Services Company was $101,000. During

Question:

On May 1, 2007, the amount of Mary Beth's capital in Beth’s Services Company was $101,000. During May, she withdrew $15,100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows

Accounts payable..........$ 8,900

Accounts receivable......... 25,950

Cash............... 11,390

Fees earned............ 70,800

Insurance expense......... 1,475

Land............... 74,400

Miscellaneous expense....... 1,510

Prepaid insurance.......... 2,000

Rent expense........... 8,000

Salary expense........... 35,300

Supplies............. 950

Supplies expense............ 825

Utilities expense.......... 3,800

Present, in good form,

(a) An income statement for May,

(b) A statement of owner's equity for May,

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...