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On May 1, Kingbird, Inc., a company that provides flying lessons, was started by using common stock in exchange for cash of $\$ 45,450$. Following are the assets and liabilities of the company on May 31,2022 , and the revenues and expenses for the month of May. $\begin{array}{lrlr}\text { Cash } & \$ 5,100 & \text { Notes Payable } & \$ 28,000 \\ \text { Accounts Receivable } & 7,850 & \text { Rent Expense } & 1,150 \\ \text { Equipment } & 64,450 & \text { Maintenance and Repairs Expense } & 600 \\ \text { Service Revenue } & 7,250 & \text { Gasoline Expense } & 2,250 \\ \text { Advertising Expense } & 950 & \text { Utilities Expense } & 150 \\ \text { Accounts Payable } & 1,850 & & \end{array}$ No additional investments were made in May, but the company paid dividends of $\$ 50$ during the month.
Prepare a balance sheet at May 31. (List Assets in order of liquidity.) Kingbird, Inc. Balance Sheet For the Month Ended May 31, 2022 * Assets Liabilities and Stockholders' Equity

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