On May 1, Pharoah Company, a company that provides flying lessons, was started by using common stock in exchange for cash of $45,250. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. Cash $ 4,900 Notes Payable $28,000 Accounts Receivable 7,650 Rent Expense 1,150 Equipment 64,250 Maintenance and Repairs Expense 600 Service Revenue 7,050 Gasoline Expense 2,250 Advertising Expense 750 Utilities Expense 150 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 May assuming the following data are not included above: (1) $1,000 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. Pharoah Company Income Statement For the Month Ended May 31, 2022 V Revenues Service Revenue 7050 Expenses Advertising Expense $ 750 i Rent Expense 1150 i Maintenance and Repairs Expense 600 i Gasoline Expense 2250 Utilities Expense 150 i Total Expenses 4900 Net Income /(Loss) $ 2150