Problem $1-7$A $($Algo$)$ Analyzing transactions and preparing financial statements LO P$1,$ P$2$

$[$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 $1$ Gabi Gram invested $$44,500$ 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 $$1,950$ of equipment on credit.

May $5$ The company paid $$770$ cash for this month's cleaning services.

May $8$ The company provided consulting services for a client and immediately collected $$5,500$ cash.

May $12$ The company provided $$2,400$ of consulting services for a client on credit.

May $15$ The company paid $$740$ cash for an assistant's salary for the first half of this month.

May $20$ The company received $$2,400$ cash payment for the services provided on May $12.$

May $22$ The company provided $$3,700$ of consulting services on credit.

May $25$ The company received $$3,700$ cash payment for the services provided on May $22.$

May $26$ The company paid $$1,950$ cash for the equipment purchased on May $3.$

May $27$ The company purchased $$85$ of equipment on credit.

May $28$ The company paid $$740$ 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 $$290$ cash for this month's utilities.

May $31$ Gabi Gram withdrew $$1,600$ cash from the company for personal use.

Problem $1-7$A $($Algo$)$ Part $2$ and $3$

$2-$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 $31.$

Prepare the statement of cash flows for May.