On May 31, 2016, Deana's Services Company Had Account Balances

question 71

Essay

On May 31, 2016, Deana's Services Company had account balances as follows: $$\begin{array} { l r } \text { Accounts payable } & \$ 9,900 \\\text { Accounts receivable } & 26,950 \\\text { Cash } & 11,390 \\\text { Fees earned } & 70,800 \\\text { Insurance expense } & 1,475 \\\text { Land } & 74,400 \\\text { Miscellaneous expense } & 1,510 \\\text { Prepaid insurance } & 2,000 \\\text { Rent expense } & 8,000 \\\text { Salary expense } & 35,300 \\\text { Dividends } & 15,100 \\\text { Supplies } & 950 \\\text { Supplies expense } & 825 \\\text { Utilities expense } & 3,800 \\\text { Capital stock } & 81,000 \\\text { Retained earnings (beginning balance on May 1, 2016) } & 20,000\end{array}$$ Present, in good form, (a) an income statement for May, (b) a statement of shareholders' equity for May, and (c) a balance sheet as of May 31.

---

Definitions:

Rotates

The action of something moving in a circle around an axis or point.

Raises

To lift or move to a higher position or level.

EMG

Electromyography, a diagnostic procedure to assess the health of muscles and the nerve cells that control them.

Muscular Coordination

The harmonious functioning of muscles or groups of muscles in the execution of movements.