On May 1, 2007, the amount of Mary Beth's capital in Beth's Services Company was $101,000. During May, she withdrew $15,100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:
|
Accounts payable
|
$ 8,900
|
|
Accounts receivable
|
25,950
|
|
Cash
|
11,390
|
|
Fees earned
|
70,800
|
|
Insurance expense
|
1,475
|
|
Land
|
74,400
|
|
Miscellaneous expense
|
1,510
|
|
Prepaid insurance
|
2,000
|
|
Rent expense
|
8,000
|
|
Salary expense
|
35,300
|
|
Supplies
|
950
|
|
Supplies expense
|
825
|
|
Utilities expense
|
3,800
|
Present, in good form, (a) an income statement for May, (b) a statement of owner's equity for May, and (c) a balance sheet as of May 31.