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Required information Problem 1-7A Analyzing transactions and preparing financial statements LO 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 1 G. Gram invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,600 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. S The company paid $740 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 $3,600 of consulting services on credit. 25 The company received $3,600 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 $350 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). Problem 1-7A Part 2 and 3 2-a. Prepare income statement for May. 2-b. Prepare statement of retained earnings for May. 2-c. Prepare balance sheet for May 31 3. Prepare statement of cash flows for May. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 20 Required 3 Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues ! Required information Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues Consulting services revenue $ 11,500 Expenses Rent expense Salaries expense 2,600 Total expenses 2,600 Required information Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2c Required 3 Prepare statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ 0 0 Retained earnings, May 31 $ 0 Required information Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare Balance Sheet for May 31. THE GRAM CO. Balance Sheet May 31 Assets Liabilities Equity 0 Total equity 0 Total liabilities and equity Total assets $ $ 0 Required information Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2c Required 3 Prepare statement of cash flows for May. (Cash outflows should be indicated with a minus sign.) THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities