On May 1, 2020, Cullumber Flying School Ltd., a company that provides flying lessons, was started with an investment of W48,600 cash in the business. Following are the assets and liabilities of the company on May 31, 2020, and the revenues and expenses for the month of May (all amounts in thousands). Cash 4,860 Notes Payable W30,240 Accounts Receivable 8,008 Rent Expense 1,080 Equipment 69,120 Maintenance and Repairs Expense 432 Service Revenue 7,344 Gasoline Expense 2,700 Advertising Expense 540 Utilities Expense 432 Accounts Payable 1,512 No additional investments were made in May, but the company paid dividends of W524,000 during the month. Prepare an income statement for the month of May. CULLUMBER FLYING SCHOOL LTD. Income Statement (in thousands) w w W CULLUMBER FLYING SCHOOL LTD. Retained Earnings Statement (in thousands) w eTextbook and Media List of Accounts Prepare a statement of financial position at May 31. (List Assets in reverse order of liquidity.) CULLUMBER FLYING SCHOOL LTD. Statement of Financial Position in thousands) Assets w w Equity and Liabilities You w w Prepare an income statement for May assuming the following data are not included above: (1) W972,000 worth of services were performed and billed but not collected at May 31, and (2) W1,620,000 of gasoline expense was incurred but not paid. CULLUMBER FLYING SCHOOL LTD. Income Statement in thousands) W w MY e Textbook and Media List of Accounts Prepare a retained earnings statement for May assuming the following data are not included above: (1) W972,000 worth of services were performed and billed but not collected at May 31, and (2) W1,620,000 of gasoline expense was incurred but not paid. (List items that increase retained earnings first.) CULLUMBER FLYING SCHOOL LTD. Retained Earnings Statement (in thousands) W