On May 1, Nimbus Flying School, a company that provides flying lessons, was started with an investment of $45,300 cash in the business. Following are the assets and liabilities of the company on May 31, 2017, and the revenues and expenses for the month of May. Cash $ 4,950 Notes Payable $28,000 Accounts Receivable 7,700 Rent Expense 1,100 Equipment 64,300 Maintenance and Repairs Expense 550 Service Revenue 7,100 Gasoline Expense 2,300 Advertising Expense 800 Utilities Expense 200 Accounts Payable 1,700 No additional investments were made in May, but the company paid dividends of $200 during the month.

Prepare an income statement for the month of May. NIMBUS FLYING SCHOOL Income Statement For the Month Ended May 31, 2017 Revenues Service Revenue 7100 Expenses 1100 Rent Expense Maintenance and Repai Utilities Expense Advertising Expense Gasoline Expense Total Expenses 550 2000 800 2300 4950 Net Income (Loss) 2150