Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

May 1 G. Gram invested $44,5ee cash in the company in exchange for its common stock. May 1 The company rented a furnished office and

image text in transcribed

May 1 G. Gram invested $44,5ee cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,100 cash for May's rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $8ee cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,68% cash. May 12 The company provided $2,582 of consulting services for a client on credit. May 15 The company paid $738 cash for an assistant's salary for the first half of this month. May 20 The company received $2,588 cash payment for the services provided on May 12. May 22 The company provided $3,480 of consulting Services on credit. May 25 The company received $3,480 cash payment for the services provided on May 22. May 26 The company paid $1,899 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $738 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 $2,888 cash in dividends to the owner (sole shareholder). 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 2B Required 20 Required 3 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 $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 0 $ Cash balance, May 1 Cash balance, May 31 0 0 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Authors: Les Heitger, Pekin Ogan, Serge Matulich

2nd Edition

053881764X, 978-0538817646

More Books

Students also viewed these Accounting questions