Aero Flying School was started on May 1 with an investment of ($ 45,000) cash. Following are
Question:
Aero Flying School was started on May 1 with an investment of \(\$ 45,000\) cash. Following are the assets and liabilities of the company on May 31, 1998, and the revenues and expenses for the month of May:
No additional common stock was issued in May, but a dividend of \(\$ 1,700\) in cash was paid.
\section*{Instructions}
Prepare an income statement and a retained earnings statement for the month of May and a balance sheet at May 31, 1998.
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Related Book For
Financial Accounting Tools For Business Decision Making
ISBN: 9780471169192
1st Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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