On May 1, Windsor, Inc., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,200. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable $4,850 (a1) 7,600 64,200 7,000 700 1,600 Notes Payable Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense $28,000 Prepare an income statement for the month of May. 1,050 500 2,350 No additional investments were made in May, but the company paid dividends of $300 during the month. 250

On May 1. Windsor, Inc, a company that provides flying lessons, was started by using common stock in exchange for cash of $45,200. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of May. No additional investments were made in May, but the company paid dividends of $300 during the month. (a1) Prepare an income statement for the month of May. Prepare an income statement for the month of May