of 2 Required information [The following information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions during its first month of operations. May 1 G. Gram invested $41,500 cash in the company.. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,920 of equipment on credit. May 5 The company paid $730 cash for this month's cleaning services. May May 12 May 15 The company provided consulting services for a client and immediately collected $5,900 cash. The company provided $3,000 of consulting services for a client on credit. The company paid $760 cash for an assistant's salary for the first half of this month. May 20 The company received $3,000 cash payment for the services provided on May 12, May 22 The company provided $3,800 of consulting services on credit. May 25 The company received $3,800 cash payment for the services provided on May 22. May 26 The company paid $1,920 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $760 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill., May 30 The company paid $260 cash for this month's utilities. May 31 G. Gram withdrew $1,500 cash from the company for personal use. 2-a. Prepare the income statement for May. 2-b. Prepare the statement of owner's equity for May 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. k my work mode: This shows what is correct or Prepare the income statement for May. Revenues: THE GRAM COMPANY Income Statement For Month Ended May 31 Consulting services revenue Consulting services revenue Consulting services revenue Expenses Rent expense Cleaning expense Salaries expense Telephone expense Utilities expense S Total expenses Net income SA $ 5,900 3,000 3,800x 2,200 730 1,520 350 260 0 0 5,060 Required 2A Required 2B > < Prev G2 of 2 Next eck my work mode: This shows what is correct or incorrect for the Work you Answer is not comprece Complete this question by entering your answers in the tabs below. Required 2A Required 28 Required 2C Required 3 Prepare the statement of owner's equity for May. THE GRAM COMPANY Statement of Owner's Equity For Month Ended May 31 G. Gram, Capital, May 1 $ 0 Add: Investments by owner 42.500 Add: Net income 7,640 50.140 Less: Withdrawals by owner O (1,500) G. Gram, Capital, May 31 $ 48,640 Complete this question by entering your answers Required 2A Required 2B Required 2C Required 3 Prepare the balance sheet for May 31. THE GRAM COMPANY Balance Sheet Cash Accounts receivable Equipment May 31 Assets Liabilities $ 45,720 Accounts payable 85 85 Equity 2,005 ( Accounts receivable 0 0G. Gram, Capital Total liabilities and equity 0 Total assets $ 47,725 < Required 2B 48,640 $ 48,810 Required 3 > Saved Help Save & Exit Return to questi work mode: This shows what is correct or incorrect for the work you have comp so far. It does not indicate completion. ms Prepare the statement of cash nows for May. (Lash outhows should be indicated w THE GRAM COMPANY Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash received from customers Cash paid for cleaning Cash paid for telephone Cash paid for utilities Cash flows from investing activities Cash paid for equipment Cash flows from financing activities Cash investment by owner Cash withdrawal by owner 1 ! " C < Prev 2 of 2 Next > @ 2 # " Q W A #3 S 80 " 999 44 E LLI $ 4 5A D 0 % 85 MacBo 75 Th R T LL 66 G i Saved Help Save & Exit S k mode: This shows what is correct or incorrect for the work you have comp so far. It does not indicate completion. Required information Cash paid for telephone Cash paid for utilities Cash flows from investing activities Cash paid for equipment Cash flows from financing activities Cash investment by owner Cash withdrawal by owner Net cash provided by financing activities Net increase in cash Cash balance, May 1 Cash balance, May 31 9 < Prev 2 of 2 00 Required 20 Next + Return to quest $ 0 0 $ 0 0 $ 0 0 S Se MacBo