The adjusted trial balance of Murphy's Taxi Service, Inc., follows. Determine the net income or loss for the month of May and the balance in the Retained Earnings account that would appear on the balance sheet.

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MURPHY'S TAXI SERVICE, INC Adjusted Trial Balance May 31,2010 Dehits S 1,920 Credits Cash Prepaid insurance Automobiles Accumulated depreciation automobiles 690 29,500 S12800 MURPHY'S TAXI SERVICE, INC. (continued) Adjusted Trial Balance May 31, 2010 Capital stock Retained eernings Passenger fee ravenue Salary expense Fuel expense Depreciaton expense 15,000 3,720 4,250 2400 485 615 160 and maintananco axpansa Total $35,770