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Check my work mode : This shows what is correct or incorrect for the work you have complete 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 Grom 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 10. 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 $1,690 of 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 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 service provided on May 22 26 The company paid $1,890 cash for the equipment purchased on May 3. 27 The company purchased 580 of equipment on credit. 28 The company paid $750 cash for an assistant salary for the second half of this month. 10 The company paid $300 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities 3. The company paid $1,400 cash in dividends to the owner tole 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 Answer is not complete. Complete this question by entering your answers in the tabs below c.pdf MacBook Air . 80 aa B 888 74 .24 FE FZ A ! 1 @ 2 # 3 $ 4 6 & 7 8 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 financing activities 0 $ 0 0 Cash balance, May 1 Cash balance, May 31 $ 0 w Check my work mode : This shows what is correct or incorrect for the work you have complete 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 Grom 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 10. 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 $1,690 of 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 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 service provided on May 22 26 The company paid $1,890 cash for the equipment purchased on May 3. 27 The company purchased 580 of equipment on credit. 28 The company paid $750 cash for an assistant salary for the second half of this month. 10 The company paid $300 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities 3. The company paid $1,400 cash in dividends to the owner tole 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 Answer is not complete. Complete this question by entering your answers in the tabs below c.pdf MacBook Air . 80 aa B 888 74 .24 FE FZ A ! 1 @ 2 # 3 $ 4 6 & 7 8 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 financing activities 0 $ 0 0 Cash balance, May 1 Cash balance, May 31 $ 0 w