chapter 1 question 5

Question 5 of 6 -/3.5 View Policies Current Attempt in Progress On May 1, Pina Colada Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of $ 45,200. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of Ma Cash $ 4,850 Notes Payable $ 28,000 Accounts Receivable 7,600 Rent Expense 1.050 Equipment 64,200 Maintenance and Repairs Expense 500 Service Revenue 7.000 Gasoline Expense 2,350 Advertising Expense 700 Utilities Expense 250 Accounts Payable 1,600 No additional investments were made in May, but the company paid dividends of $ 300 during the month. (1) Prepare an income statement for the month of May. Pina Colada Corp. Income Statement PESO Pina Colada Corp. Income Statement $ $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit