Tony's Repair Shop, Inc., was started on May 1 by R. Antonio. Here is a summary of the May transactions:

1. Invested \(\$ 15,000\) cash in the company in exchange for common stock.
2. Purchased equipment for \(\$ 5,000\) cash.
3. Paid \(\$ 400\) cash for May office rent.
4. Paid \(\$ 500\) cash for supplies.
5. Incurred \(\$ 250\) of advertising costs in the Beacon News on account.
6. Received \(\$ 4,100\) in cash from customers for repair service.
7. Declared and paid a \(\$ 500\) cash dividend.
8. Paid part-time employee salaries, \(\$ 1,000\).
9. Paid utility bills, \(\$ 140\).
10. Provided repair service on account to customers, \(\$ 200\).
11. Collected cash of \(\$ 120\) for services billed in transaction (10).
\section*{Instructions}

(a) Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock, and Retained Earnings. Revenue is called Service Revenue.

(b) From an analysis of the column Retained Earnings, compute the net income or net loss for May.