Prepare the income statement for May. Prepare the balance sheet for May 31 . Prepare the statement of retained earnings for May. Part 2 of 2 10 points \begin{tabular}{|c|c|c|c|} \hline Casn pado to & & (1,000) & \\ \hline Cash paid for cleaning & (2) & (780) & \\ \hline & & & 5,590 \\ \hline Cash flows from investing act & & & \\ \hline Cash paid for equipment & (2) & 1,940 & \\ \hline Cash paid for utilities & & & \\ \hline & & & 1,940 \\ \hline Cash flows from financing act & & & \\ \hline Cash received from customers & & 43,500 & \\ \hline Cash dividend to shareholder & ? & (1,600) & \\ \hline & & & \\ \hline & & & 41,900 \\ \hline & & 1 & 49,430 \\ \hline Cash balance, May 1 & & & 0 \\ \hline Cash balance, May 31 & & & 49,430 \\ \hline \end{tabular} Required 2C racuireats 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 $43,500 cash in the company in exchange for ita conten stock. May 1 The company rented a furnithed office and paid $2,300 cash for May's rent. May 3 The company porchased $1,890 of equipment on credit. May $ The company paid $750 calh for this month's cleaning services. Nay 8 The company provided consulting services for a client and inuediately collected $5,300 cash. May 12 The company provided $2,900 of consulting services for a client on credit. May 15 The company paid $720 cash for an assistant's salary for the first half of this nonth. May 20 The company received $2,900 cash payment for the services provided on May 12 . May 22 The conpany provided $3,100 of consulting services on eredit. May 25 The company received $3,100 eash payment for the services providod on May 22. May 26 The company paid $1,890 eash for the equipment purchased on May 3. May 27 The eompany purchased $85 of equipment on eredit. Nay 28 The company paid $720 cash for an assistant's salary for the second half of this noth. May 30 The company paid $400 cash for, this month's telephone bill. May 30 The company paid $270 cash for thin month's utilities. May 31 the company paid $1,500 cash in dividends to the owner (sole sharehotder). 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. Part 2 of 2 THE GRAM COMPANY . Part 2 of 10 points \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ THE GRAM COMPANY. } \\ \hline \multicolumn{4}{|c|}{ Statement of Cash Flows } \\ \hline \multicolumn{4}{|c|}{ For Month Ended May 31} \\ \hline \multicolumn{2}{|c|}{ Cash flows from operating activities } & & \\ \hline Cash received from customers & & 10,900 & \\ \hline Cash paid for utilities & & (250) & \\ \hline Cash paid for rent & 8 & (2,400) & \\ \hline Cash paid for telephone & & (300) & \\ \hline Cash paid to employees & 2 & (1,580) & \\ \hline \multirow[t]{3}{*}{ Cash paid for cleaning } & (2) & (780) & \\ \hline & & . & \\ \hline & & & 5,590 \\ \hline \multicolumn{4}{|c|}{ Cash flows from investing activities } \\ \hline Cash paid for equipment & () & 1,940 & \\ \hline \multirow[t]{2}{*}{ Cash paid for utilities } & & & \\ \hline & & & 1,940 \\ \hline \multicolumn{4}{|c|}{ Cash flows from financing activities } \\ \hline Cash recelved from customers & & 43,500 & \\ \hline Cash dividend to shareholder & (2) & (1,600) & \\ \hline= & & & \\ \hline & & & \\ \hline \end{tabular}