please help me figure this elaborate accounting problem out with what i have missing in the blanks, thank you!
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 $44,500 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 $1,890 of office equipment on credit. 5 The company paid $720 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,800 cash. 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid $790 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 $3,800 of consulting services on credit. 25 The company received $3,800 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 $790 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 $270 cash for this month's utilities. 31 The company paid $1,800 cash in dividends to the owner (sole shareholder). Problem 1-7A Part 1 Required information Date Cash Accounts Receivable Office Equipment Accounts Payable Common Stock - Dividends Revenues - Expenses Accountles for xpenses May 1 $44,500 (2,200) + + $ 44,500 NA 2,200 Rent 1.890 (120) INA (720) Cleaning 5,800 - 2,500 - (790) Salary 2.500 (2.500) 3.800 3,800 (3,800) 3,800 (1,890) (190) (350) (270) III (790) Salary 350) Telephone (270) Utantes NA (1.800) + $ 47,790 + 5 0 + $ 1.890 $ 44,500 - $ 12, 180 $ 1,800 + Required to Part 2 of 2 Cash flows from operating activities Cash paid for rent Cash paid for cleaning Cash received from customers Cash paid to employees Cash paid for telephone Cash paid for utilities (2,200) (720) 6,300 (1,580) (350) (270) 1.12 points eBook Print $ 1,180 References Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment (1,890) (1,890) Net cash provided by investing activities Cash flows from financing activities Cash investment from shareholder Cash dividend to shareholder 44,500 (1,800) 42,700 41,990 Net cash provided by financing activities Net increase in cash Cash balance, May 1 Cash balance, May 31 41,990 Print Prepare Balance Sheet for May 31. References Assets Cash Office equipment THE GRAM CO. Balance Sheet May 31 Liabilities 44,500 Accounts payable 1,890 #quity Selling, general and administrative expenses 46,310 Total equity 46,390 Total liabilities and equity 46,310 46,390 Total assets Income Statement For Month Ended May 31 Revenues: Consulting services revenue $ 12,100 aces Expenses Rent expense Cleaning expense Salaries expense Telephone expense Utilities expense (2,200) (720) (1,580) (350) (270) Total expenses Net income (5,120) 6,980 $
