May $30$ The company paid $$400$ cash for this month's telephone bill.

May $30$ The company paid $$250$ cash for this month's utilities.

May $31$ The company paid $$2,000$ cash in dividends to the owner $($sole shareholder$).$

Problem $1-7$A $($Algo$)$ 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 $2$B

Required $2$C

Required $3$

Prepare the statement of cash flows for May.

Note: Cash outflows should be indicated with a minus sign.