A shoe store establishes a retail store on May 1, 2018. Cash of $50,000 is contributed to the business by an individual, Joe Smith, in exchange for 100% of the company's stock. This cash enables the company to start operating. Additional transactions that occurred in May include: 1) Purchased 200 pair of shoes at $25 each (used cash) 2) Sold 110 pair of shoes for $85 each (received cash) 3) Paid employees $3,000 for services provided in May (paid cash) Review the information above & answer the following questions: a. What is the amount of cash on hand at the end of May? b. How many pairs of shoes are left on hand at the end of May? C. What is the COST associated with the shoes on hand? Calculate the total $$ of "shoe" inventory. d. How much revenue was earned in May? e. How much INCOME was earned in May?