On May 1, Cheyenne Corp., a company that provides flying lessons, was started by issuing common stock in exchange for cash of $45,250. Following are the assets and liabilities of the company on May 31, 2019, and the revenues and expenses for the month of May. Cash $ 4,900 Notes Payable $28,000 Accounts Receivable 7,650 Rent Expense 1,050 Equipment 64,250 Maintenance and Repairs Expense 500 Service Revenue 7,050 Gasoline Expense 2,350 Advertising Expense 750 Utilities Expense 250 Accounts Payable 1,650 No additional investments were made in May, but the company paid dividends of $250 during the month.

Prepare an income statement for the month of May. Cheyenne Corp. Income Statement $ $ $ Prepare a retained earnings statement for the month of May. (List items that increase retained earnings first.) Cheyenne Corp. Retained Earnings Statement $ $ Prepare a balance sheet at May 31. (List Assets in order of liquidity.) Cheyenne Corp. Balance Sheet Assets $ Liabilities and Stockholders' Equity $ $ Prepare an income statement for May assuming the following data are not included above: (1) $950 worth of services were performed and billed but not collected at May 31, and (2) $1,100 of gasoline expense was incurred but not paid. Cheyenne Corp. Income Statement $ $ Prepare a retained earnings statement for May assuming the following data are not included above: (1) $950 worth of services were performed and billed but not collected at May 31, and (2) $1,100 of gasoline expense was incurred but not paid. (List items that increase retained earnings first.) Cheyenne Corp. Retained Earnings Statement $ $