Shaw%u2019s Garden was started on May 1 with an investment of $45000 cash. Fol

Shaw%u2019s Garden was started on May 1 with an investment of $45000 cash. Follow- ing are the assets liabilities and common stock of the company on May 31
2014 and the revenues and expenses for the month of May its first month of operations. Accounts receivable $ 8400 Notes payable $26000 Service revenue
10400 Salaries and wages expense 1900 Advertising expense 1800 Equipment 58800 Accounts payable 4400 Maintenance and repairs expense 2100 Cash 10800
Insurance expense 400 Common stock 45000 No additional common stock was issued in May but a dividend of $1600 in cash was paid. Instructions (a) Prepare an
income statement and a retained earnings statement for the month of May and a balance sheet at May 31 2014. (b) Briefly discuss whether the company%u2019s
first month of operations was a success. (c) Discuss the company%u2019s decision to distribute a dividend.
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