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On May 1, Park Flying School, a company that provides flying lessons, was started with an...

On May 1, Park Flying School, a company that provides flying lessons, was started with an investment of W 45,000 cash in the business. The following are the assets and liabilities of the company on May 31, 2017, and the revenues and expenses for the month of May (all amounts in thousands).

Cash                  W 4,500        Notes Payable W 28,000  

Account Receivable      7,420          Rent Expense 1000

Service Revenue      6,800    Maintenance Expense 400

Advertising Expense   500 Gasoline Expense   2,500

Accounts Payable 1,400          Utilities Expense     400

Equipment      64,000

No additional investments were made in May, but the company paid dividends of W 480,000 during the month.

Instructions:(a) Prepare an income statement and a retained earnings statement for the month of May and a statement of financial position at May 31. (Show numbers in thousands.)

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