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Unformatted text preview: Owners equity Jeff Wilkins, Capital 46,000 Total liabilities and owners equity $76,800 B. Jeff Wilkins Skyline Flying School Income Statement For the Month Ended May 31, 2008 Revenues Lesson Revenue $8,400 Expenses Advertising Expense 500 Rent Expense 1,200 Repair Expense 400 Fuel Expense 4,000 Insurance Expense 400 Total expenses 6,500 Net income $1,900 Jeff Wilkins Skyline Flying School Owners Equity Statement For the Month Ended May 31, 2008 Jeff Wilkins, Capital, May 1 $ 0 Add: Investments $45,000 Net income 1,900 46,900 46,900 Less: Drawings 1,500 Jeff Wilkins, Capital, May 31 $45,400...
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