On May 1, Whispering Winds Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,300. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May.

Cash		$ 4,950		Notes Payable		$28,000
Accounts Receivable		7,700		Rent Expense		1,050
Equipment		64,300		Maintenance and Repairs Expense		500
Service Revenue		7,100		Gasoline Expense		2,350
Advertising Expense		800		Utilities Expense		250
Accounts Payable		1,700

No additional investments were made in May, but the company paid dividends of $200 during the month.

(a1)

• Your Answer
• Correct Answer

Partially correct answer icon

Your answer is partially correct.

Prepare an income statement for the month of May.

Whispering Winds Corp. Income Statement choose the accounting period May 31, 2022For the Month Ended May 31, 2022For the Year Ended May 31, 2022
select an opening name for section one DividendsExpensesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31RevenuesTotal ExpensesTotal RevenuesInvestments
enter an income statement item		$enter a dollar amount
select an opening name for section two DividendsExpensesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31RevenuesTotal ExpensesTotal RevenuesInvestments
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two DividendsExpensesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31RevenuesTotal ExpensesTotal RevenuesInvestments		enter a total amount for section two
select a closing name for this statement DividendsExpensesNet Income / (Loss)Retained Earnings, May 1Retained Earnings, May 31RevenuesTotal ExpensesTotal RevenuesInvestments		$enter a total net income or loss amount