Nona Curry started her own consulting firm, Teal Mountain Inc., on May 1, 2017. The following transactions occurred during the month of May. Stockholders invested $18,675 cash in the business in exchange for common stock. 2 Paid $747 for office rent for the month. May 1 3 Purchased $622 of supplies on account. 5 Paid $187 to advertise in the County News. 9 Received $1,743 cash for services performed. 12 Paid $249 cash dividend. 15 Performed $5,229 of services on account. 17 Paid $3,112 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,494 for services performed on account on May 15 26 Borrowed $6,225 from the bank on a note payable. 29 Purchased office equipment for $2,490 paying $249 in cash and the balance on account. 30 Paid $224 for utilities. Assets Liabilities Stockholders' Equ AccountsSuppl Receivable Date Cash + Supplies Equipment Notes Payable+ + Common Stock + Retained Earnings Payable Revenues Expenses Dividends May 1 May 2 May 3 May 5 May 9 May 12 May 15 May 17 May 20 May 23 May 26 May 29 May 30 (18675) 18675 747 (747) 622 622 187 (187) 1743 1743 -249 (249 5229 5229 3112 (3112) 622 1494 1494 6225 6225 249 2490 2241 (224) 22747 3735 622 2490E 6225 2241 18675 6972 (4270) (249 Prepare an income statement for the month of May 2017. TEAL MOUNTAIN INC. Income Statement For the Month Ended May 31, 2017 Revenues Service Revenue 6972 Expenses 747 Rent Expense Advertising Expense Salaries and Wages Expense Utilities Expense Total Expenses 187 3112 224 4270 2702 Net Income/ (Loss) Prepare a classified balance sheet at May 31, 2017. (List current assets in order of liquidity) TEAL MOUNTAIN INC. Balance Sheet Assets Liabilities and Stockholders' Equity