NIMBUS FLYING SCHOOL Income Statement For the Month Ended May 31, 2015 SHOW LIST
ID: 2598734 • Letter: N
Question
NIMBUS FLYING SCHOOL
Income Statement
For the Month Ended May 31, 2015
SHOW LIST OF ACCOUNTS
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NIMBUS FLYING SCHOOL
Retained Earnings Statement
For the Month Ended May 31, 2015
SHOW LIST OF ACCOUNTS
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NIMBUS FLYING SCHOOL
Balance Sheet
May 31, 2015
Assets
Liabilities and Stockholders’ Equity
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NIMBUS FLYING SCHOOL
Income Statement
For the Month Ended May 31, 2015
SHOW LIST OF ACCOUNTS
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NIMBUS FLYING SCHOOL
Retained Earnings Statement
For the Month Ended May 31, 2015
Cash $ 4,524 Notes Payable $28,000 Accounts Receivable 8,224 Rent Expense 1,442 Equipment 65,024 Maintenance and Repairs Expense 642 Service Revenue 7,824 Gasoline Expense 2,258 Advertising Expense 1,524 Utilities Expense 158 Accounts Payable 2,424
Explanation / Answer
Income statement Revenue Service revenue 7,824 expenses Rent expense 1,442 Maintenance & Repairs expense 642 Advertising expense 1,524 Gasoline expense 2,258 Utilities expense 158 total expense 6,024 Net income 1,800 Retained earnings statement May 1,Retained earnings 0 Add:Net income 1,800 1800 less :Dividends 476 Retained earnings,May 31 1324 Balance sheet assets Cash 4,524 Accounts receivable 8,224 current assets 12,748 Fixed assets Equipment 65,024 Total assets 77,772 liabilities & Stockholders Equity Accounts payable 2,424 notes payable 28,000 total liabilities 30,424 Stockholders Equity common stock 46,024 Retained earnings 1,324 total stockholders Equity 47,348 total liabilities & stockholder's Equity 77,772
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