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 1 G. Gram Invested $44,500 cash in the company. 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $1,940 of office equipment on credit. 5 The company paid $740 cash for this month's cleaning services 8 The company provided consulting services for a client and immediately collected $5,500 cash. 12 The company provided $2,600 of consulting services for a client on credit. 15 The company paid $710 cash for an assistant's salary for the first half of this month 20 The company received $2,600 cash payment for the services provided on May 12. 22 The company provided $3,7ee of consulting services on credit. 25 The company received $3,700 cash payment for the services provided on May 22. 26 The company paid $1,940 cash for the office equipment purchased on May 3. 27 The company purchased sae of office equipment on credit. 28 The company paid 5710 cash for an assistant's salary for the second half of this month. 38 The company paid $400 cash for this month's telephone bill. 30 The company paid $290 cash for this month's utilities. 31 G. Gram withdrew $1,500 cash from the company for personal use. Problem 1-7A Part 2 and 3 2-a. Prepare income statement for May. 2-b. Prepare statement of owner's equity for May. 2-c. Prepare Balance Sheet for May 31. 3. Prepare statement of cash flows for May. Required 2A Required 2B Required 20 Required 3 THE GRAM CO. Income Statement For Month Ended May 31 Revenues: Expenses Total expenses 0 Required 2A Required 2B Required 20 Required 3 Prepare statement of owner's equity for May. THE GRAM CO. Statement of Owner's Equity For Month Ended May 31 G. Gram, Capital, May 1 $ 0 G. Gram, Capital, May 31 $ 0 Required 2A Required 2B Required 2C Required 3 Prepare Balance Sheet for May 31. THE GRAM CO. Balance Sheet May 31 Assets Liabilities Accounts receivable Equity Total assets $ 0 Total liabilities and equity $ 0 Required 2A Required 2B Required 2c Required 3 Prepare statement of cash flows for May. (Cash outflows should be indicat THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities $ 0 Cash flows from investing activities $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 0 Cash balance. May 1 Cash balance. May 31 $ 0