On May 1, Nimbus Flying School, a company that provides flying lessons, was started with an investment of $45,000 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		$ 4,650		Notes Payable		$28,000
Accounts Receivable		7,400		Rent Expense		900
Equipment		64,000		Maintenance and Repairs Expense		350
Service Revenue		6,800		Gasoline Expense		2,500
Advertising Expense		500		Utilities Expense		400
Accounts Payable		1,400

Prepare a retained earnings statement for the month of May. (List items that increase retained earnings first.) NIMBUS FLYING SCHOOL Retained Earnings Statement For the Month Ended May 31, 2017 $ $