Question 3 On May 1, Cheyenne Corp., a company that provides flying lessons, was started by issuing common stock in exchange for cash of $45,250. Following are the assets and liabilities of the company on May 31, 2019, and the revenues and expenses for the month of May Cash $4,900 Notes Payable $28,000 Accounts Receivable 7,650 Rent Expense 1,050 64,250 Maintenance and Repairs Expense Equipment 500 2,350 Service Revenue 7,050 Gasoline Expense Advertising Expense 750 Utilities Expense 250 Accounts Payable 1,650 No additional investments were made in May, but the company paid dividends of $250 during the month (a1) Your answer is correct. Prepare an income statement for the month of May Cheyenne Corp Income Statement For the Month Ended May 31, 2019 For the Month Ended May 31, 2019 Revenues 7050 Service Revenue Expenses 750 Advertising Expense 1050 Rent Expense Maintenance and Repairs Expense 500 Gasoline Expense 2350 250 Utilities Expense 4900 Total Expenses 2150 Net Income / (Loss) Click if you would like to Show Work for this question: Qnen Show Work Your answer is correct. Prepare a retained earnings statement for the month of May. (List items that increase retained earnings first.) Cheyenne Corp Retained Earnings Statement For the Month Ended May 31, 2019 0 Retained Earnings, May 1+ 2150 Add Net Income/ (Loss) 2150 Less #1 Dividends 250 1900 Retained Earnings, May 31 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SH OW SOLUTION SHOW ANSWER For the Month Ended May 31, 2019 Revenues Service Revenue 950 Expenses 500 Maintenance and Repairs Expense Rent Expense 1050 Advertising Expense 750 Utilities Expense 250 Gasoline Expense 1100 Total Expenses 3650 -2700 Net Income (Loss)