Windsor, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. 2. 3. - 4. 5. 6. Stockholders invested $23,500 cash in the business in exchange for common stock. Purchased equipment for $4,000 cash. Paid $200 cash for May office rent. Paid $600 cash for supplies. Incurred $150 of advertising costs in the Beacon News on account. Received $4,900 in cash from customers for repair service. Declared and paid a $1,400 cash dividend. Paid part-time employee salaries $ 1,200. Paid utility bills $140. Performed repair services worth $1,020 on account. Collected cash of $110 for services billed in transaction (10). 7. 8. 9. Q AC 2 10. 11. QU Acco From an analysis of the Retained Earnings columns, compute the net income or net loss for May. Windsor, Inc. Income Statement $ $ $