Can someone help me awnser these two questions please I would really appreciate it!
Required information Problem 1-7A (Static) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.) Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations, May 1 G. Gram invested $40,000 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May & The company provided consulting services for client and immediately collected $5,400 cash. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company paid $750 cash for an assistant's salary for the first half of this month. May 20 The company received $2,500 cash payment for the services provided on May 12. May 22 The company provided $3,200 of consulting services on credit. May 25 The company received $3,200 payment for the services provided on May May 26 The company paid $1,890 cash for the equipment purchased on May 3, May 27 The company purchased $80 of equipment on credit. May 28 The company paid $750 cash for an assistant's salary for the second half of this month. May 30 The company paid $300 cash for this month's telephone bill. May 30 The company paid $280 cash for this month's utilities. May 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on Individual items of the accounting equation (Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" for account titles If the transaction does not include an expense.) Assets Liabilities Equity Date Accounts Receivable Cash Account Titles for Expenses Accounts Payable Equipment Common Stock Dividends Revenues - Expenses ++++ May 1 May 1 May 3 May 5 May 8 May 12 May 15 May 20 May 22 May 26 May 28 May 27 May 28 May 30 May 30 May 20 ++ Required information Problem 1-7A (Static) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.) Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations May 1 G. Gram invested $48,800 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,89e of equipment on credit. May 5 the company paid $75e cash for this month's cleaning services. May & The company provided consulting services for a client and immediately collected $5,4ee cash. May 12 The company provided $2.500 of consulting services for a client on credit. May 15 The company paid $75e cash for an assistant's salary for the first half of this month. May 2e the company received $2,50 cash payment for the services provided on May 12. May 22 The company provided $3,2ee of consulting Services on credit. May 25 The company received $3,200 cash payment for the services provided on May 22. May 26 The company paid $1,890 cash for the equipment purchased on May 3. May 27 The company purchased Se of equipment on credit. May 28 The company paid $75e cash for an assistant's salary for the second half of this month. May 30 The company paid $300 cash for this month's telephone bill. May 30 The company paid $280 cash for this month's utilities May 31 the company paid $1,400 cash in dividends to the owner (sole shareholder). Problem 1-7A (Static) Part 2 and 3 2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May. 2.c. Prepare the balance sheet for May 31 3. Prepare the statement of cash flows for May. Complete this question by entering your answers in the tabs below. Required 2A Required 28 Required 2C Required 3 Prepare the income statement for May. THE GRAM COMPANY Income Statement For Month Ended May 31 Revenues Expenses Total expenses Complete this question by entering your answers in the tabs below. Required 2A Required 2 Required 2C Required 3 Prepare the statement of retained earnings for May. THE GRAM COMPANY Statement of Retained Earnings For Month Ended May 31 Retained earnings. May 1 5 o Retained earnings. May 31 Complete this question by entering your answers in the tabs below. Required 2A Required 28 Required 20 Required 3 Prepare the balance sheet for May 31. THE GRAM COMPANY Balance Sheet May 31 Assets Liabilities Total liabilities Equity Total equity Total liabilities and equity Total assets Required information Prepare the statement of cash flows for May. (Cash outflows should be indicated with a minus sign.) THE GRAM COMPANY Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities 0 Cash balance, May 1 Cash balance, May 31
