
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Revenues
Service Revenue
Expenses
Rent Expense
Maintenance and Repairs Expense
Gasoline Expense
Utilities Expense
Advertising Expense
Total Expenses
Net Income /(Loss)
Marigold Corp.
Income Statement
For the Month Ended May 31, 2022
$
Marigold Corp.
Retained Earnings Statement
Prepare a retained earnings statement for the month of May. (List items that increase retained earnings first.)
$
i
$
ji

Transcribed Image Text:On May 1, Marigold Corp., a company that provides flying lessons, was started by using common stock in exchange for cash of
$45,300. Following are the assets and liabilities of the company on May 31, 2022, and the revenues and expenses for the month of
May.
Cash
Accounts Receivable
Equipment
Service Revenue
Advertising Expense
Accounts Payable
$4,950
7,700
64,300
7,100
Notes Payable
Rent Expense
1,700
Maintenance and Repairs Expense
Gasoline Expense
800 Utilities Expense
$28,000
1,100
550
2,300
200
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