+2012 Required Information Problem 1-7A Analyzing transactions and preparing financial statements LO C4. P1, P2 [The following information applies to the questions displayed below) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 16. Gran invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,400 cash. 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid $750 cash for an assistant's salary for the first half of this month. 20 The company received $2,500 cash payment for the services provided on May 12. 22 The company provided $3,200 of consulting services on credit. 25 The company received $3,200 cash payment for the services provided on May 22. 26 The company paid $1,890 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $750 cash for an assistant's salary for the second half of this month. 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities. 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Required information 2. Prepare ure HON SCHUI May Part 2 of 2 2.2 Prepare the statement of retained earnings for May 2.3 Prepare the balance sheet as of May 31 points Complete this question by entering your answers in the tabs below. Income Statement Statement of Retained Earnings Balance Sheet Book Prepare the income statement for May. Print THE GRAM CO. Income Statement For Month Ended May 31 References Revenues Total expenses Statement of Retained Earnings > CHO1 SET-A30 26 The company paid $1,890 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $750 cash for an assistant's salary for the second half of th 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities. 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Part 2 of 2 Problem 1-7A Part 2 points 2.1 Prepare the income statement for May oBook 2.2 Prepare the statement of retained earnings for May. 2.3 Prepare the balance sheet as of May 31. Print Complete this question by entering your answers in the tabs below. References Income Statement Statement of Retained Earnings Balance Sheet Prepare the statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 Retained earnings. May 31 Problem 1-7A Part 2 points 2.1 Prepare the income statement for May ebook 2.2 Prepare the statement of retained earnings for May 2.3 Prepare the balance sheet as of May 31 Print Complete this questi our answers in the tabs below. Balance Sheet References Income Statement Statement of Retained Earnings Balance Sheet Prepare the balance sheet as of May 31. THE GRAM CO. Balance Sheet May 31 Liabilities Equity Total equity Total liabilities and equity Total assets
