Question

On May 1, Metlock, Inc., a company that provides flying lessons, was started by issuing common stock in exchange for cash of $45,250. Following are the assets and liabilities of the company on May 31, 2019, and the revenues and expenses for the month of May. Cash $ 4,900 Notes Payable $28,000 Accounts Receivable 7,650 Rent Expense 1,000 Equipment 64,250 Maintenance and Repairs Expense 450 Service Revenue 7,050 Gasoline Expense 2,400 Advertising Expense 750 Utilities Expense 300 Accounts Payable 1,650

Prepare a balance sheet at May 31. (List Assets in order of liquidity.)

Answer 1