Transactions for the month of May.

May 1st - Carol placed $10,000of her own money into the bank account that was opened to start the business for 100% ownership of the Company.

May 1st - received the following invoices from KickButt Coffee Shoppes for all of the charges that have occurred that are billed to the Line of Credit.

Equipment and Supplies for opening of the Coffee Shoppe:

Items & InventoryBook ValueEconomic LifeCoffee Beans$1,850.00Supplies Cups, lids, etc$655.00Dairy Products$125.00Coffee Roaster$6,600.0010 Years - No residual value2 - Point of Sale Registers$4,800.005 Years - Residual value $900

Recording of Sales

Date of bank depositCash SalesDate of Bank DepositCredit / Debit Sales03-May$2,123.2510-May$3,178.5410-May$4,258.3617-May$5,159.5717-May$4,587.2624-May$6,147.8424-May$4,957.2431-May$6,759.4831-May$5,024.9807-Jun$33,300.00

Automatic Shipment of Supplies from KickButt Coffee

Date of ShipmentCoffeeDairySuppliesDate of Payment06-May$1,456.89$458.68$407.5816-May11-May$1,789.74$501.25$456.2821-May16-May$1,957.58$657.95$501.7426-May21-May$2,125.58$798.75$524.7131-May28-May$8,100.00$925.84$586.9807-Jun

Payroll Expenses (excluding Carol's withdraws)

Date of paymentPeriodAmount15-MayMay 1 to May 8$5,761.2929-MayMay 9 to May 22$6,048.78May Accrual PayrollMay 23 to May 31$28,800.00

May 4th - Artwork and Flyers with coupons - 2,000 sheets printed with no expiry dates, paid in cash $500.00

May 20th sent out 900 sheets of the flyers - Carol give $125 Cash for her bother to deliver them in the neighborhood homes around the Crowfoot Crossing Mall.All are distributed by May 31st.

May 28th Received from the city of Calgary one bill for Water and electricity for May for $235.00 to be paid in 15 days.

May 29th Carol makes payment of student loan for University $550.00 from her personnel bank account.

May 30th Received a payment of$900for catering services to be provided on June 2nd at a Mall event designed to attract new customers and increase mall traffic.

May 31st Received an invoice from the Crowfoot Crossings Mall Association for one-year membership for $120.00, payment due June 15th.

May 31st received the first telephone bill for $150.00 and internet services for $70.00 from Bell Canada for the months of May and June. Payment due June 14th.

May 31st made payment to Line of Credit account of $9000.Interest for the Line of Credit for the month of May 1% of balance was also paid.

May 31st additional information - inventory was taken at midnight - email

Purchase CategoryCost of Goods SoldCoffee Products$7,116.00Dairy Products$3,193.00Supplies$1,687.00

Required:1. Prepare the income statement for the month of May

2. Prepare the Statement of Retianed Earnings as of May 31st

3. Prepare the Statement of Financial Position (Balance Sheet) as of May 31st