Kimmel, Financial Accounting, 8e Help I System Announcements Assets Liabilities and Stockholders' Equity ANSWER SHAMROCK INC Assets Liabilities Stockholders' Equity Notes Date Cash Payable Retained Earni Receivable May1 S 21.825 May2 (873) 21,825 $ (873) S 727 May5 (218 May9 S 2,037 S 2,037 (291 6,11 15 6,111 (3.637 May17 8.637 May,20 (727 May 23 1,746 $ 727 1 $ (1.746 $7,275 May,29(291 910 619 May,30S 21,825 8,1 Totals 26,584 2,910 ,275 619 lem 3-2A (Part Level Submission) Curry started her own consulting firm, Shamrock, Inc., on May 1, 2017. The following transactions occurred during the month of Ma 1 Stockholders invested $21,825 cash in the business in exchange for common stock. 2 Paid $873 for office rent for the month. 3 Purchased $727 of supplies on account. 5 Paid $218 to advertise in the County News. 9 Received $2,037 cash for services performed. 2 Paid $291 cash dividend. Performed $6,111 of services on account. 5 7 Paid $3,637 for employee salaries. 0 Paid for the supplies purchased on account on May 3, 3 Received a cash payment of $1,746 for services performed on account on May 15 6 Borrowed $7,275 from the bank on a note payable. 9 Purchased office equipment for $2,910 paying $291 in cash and the balance on account. 0 Paid $262 for utilities. Prepare an income statement for the month of May 2017. SHAMROCK, INC. Income Statement For the Month Ended May 31, 2017 Level Revenues Service Revenue 8148 Study Expenses Rent Expense 873 Advertising Expense 218 Salaries and Wages Expense 3637 Utilities Expense 262 Total Expenses 4990 Net Income / (Loss) 3158