(Solution) - On May 1 2007 the amount of Mary Beth s capital -(2025 Original AI-Free Solution)

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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,
(c) A balance sheet as of May 31.