On May 1, 2006, the amount of capital stock in Moore Services Company was $71,000 and retained earnings was $30,000. During May, the company paid dividends of $15,100. 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 expenses 1,475
Land 74,400
Misc. expenses 1,510
Prepaid insurance 2,000
Rent expense 8,000
Salary expense 35,300
Supplies 950
Supplies expense 825
Utilities expense 3,800
Required: Income statement and balance sheet as of May 31, 2006.
