Business: On may 1, cullumber company, a company that provides flying lessons, was started by issuing common stock in exchange for cash of $45,100. following are the assets and liabilities of the company on may 31, 2019, and the revenues and expenses for the month of may. cash $ 4,800 notes payable $28,000 accounts receivable 7,550 rent expense 1,150 equipment 64,150 maintenance and repairs expense 600 service revenue 6,950 gasoline expense 2,250 advertising expense 650 utilities expense 150 accounts payable

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On may 1, cullumber company, a company that provides

cam6836

02.01.2022

Explanation:

Before preparing the income statement, first, we have to compute the net income or net loss. So, the calculation is shown below:

In the simplest form, the net income = Total revenue - total expenses

= Service Revenue - Rent Expense - Maintenance and Repairs Expense - Gasoline Expense - Advertising Expense - Utility Expense

= $6,950 - $1,150 - $600 - $2,250 - $650 - $150

= $2,150

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

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rafaelys6354

24.12.2022

Explanation:

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