Prepare an Income Statement and Balance Sheet based off of the following information. (Income Statement has been partially filled in)

TAMARISK, INC. Stockholders Equity Liabilities Assets Equipment = Notes Payable Accounts Payable +Common Stock Retained Earnings Date Cash + Accounts Receivable + Supplies + Dividends Revenues Expenses 15.825 15,825 May 1 May 2 -633 -633 May 3 528 528 May 5 -158 158 May 9 1,477 1,477 May 12 -211 -211 May 15 4,431 $4,431 May 17 -2,638 2,638 May 20 -528 -528 May 23 1,266 -1,266 May 26 5,275 5,275 May 29 -211 2,110 1,899 May 30 -190 190 2,110. 19,274 15,825 3165 528 5,275 1,899 5,908 -3,619 -211 (b) Your answer is partially correct. Try again. Prepare an income statement for the month of May 2017. TAMARISK, INC. Income Statement For the Month Ended May 31, 2017 Revenues 5,908 Service Revenue $ Expenses 633 Rent Expense $ 158 Advertising Expense X Salaries and Wages Expense 190 Utilities Expense Total Expenses Net Income / (Loss) Question 2 Nona Curry started her own consulting firm, Tamarisk, Inc., on May 1, 2017. The following transactions occurred during the month of May. May 1 Stockholders invested $15,825 cash in the business in exchange for common stock. Paid $633 for office rent for the month 3 Purchased $528 of supplies on account. Paid $158 to advertise in the County News. Received $1,477 cash for services performed. 12 Paid $211 cash dividend. Performed $4,431 of services on account. Paid $2,638 for employee salaries 15 17 Paid for the supplies purchased on account on May 3. 20 Received a cash payment of $1,266 for services performed on account on May 15 23 26 Borrowed $5,275 from the bank on a note payable. 29 Purchased office equipment for $2,110 paying $211 in cash and the balance on account. Paid $190 for utilities. 30