Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.] Gabl Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions durigg its first month of operations. May 1 G. Gran invested $43,000 cash in the company in exchange for its common atock. May 1 The company rented a furnished office and paid $2,400 cash for May's rent. May 3 The company parchased $1,860 of equiphent on eredit. May 5 The company paid $750 cash for this month's eleaniag tervices. May 8 The company provided consulting services for a elient and imediately collected $5,300 cash. May 12 The company provided $2,700 of consuleing servicea for a elfent on credit. May 15 The coepany paid $770 cash for an assistant's walary for the first half of this month. May 20 The company recelved $2,700 cash payment for the services provided on May 12 . May 22 The company provided $3,400 of consalting services on eredit. May 25 The company received $3,400 cash payment tor the services provided on Nay 22 . May 26 The company pald $1,860 cash for the equipment parchased on May 3. May 27 The company purchased $75 of equiphent on eredit. May 28 The company paid $770 cash for an assintant's salary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bi11. May 30 The company paid $260 cash for this month'g utilities. May 31 The company paid $1,800 cash in dividends to the ouner (sole shareholder). Problem 1-7A (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. Prepare the income statement for May. Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for May. Prepare the balance sheet for May 31 . Required information Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below.] Gabl Gram started The Gram Company, a new business that began operations on May 1. The Gram Company completed the following transactions durigg its first month of operations. May 1 G. Gran invested $43,000 cash in the company in exchange for its common atock. May 1 The company rented a furnished office and paid $2,400 cash for May's rent. May 3 The company parchased $1,860 of equiphent on eredit. May 5 The company paid $750 cash for this month's eleaniag tervices. May 8 The company provided consulting services for a elient and imediately collected $5,300 cash. May 12 The company provided $2,700 of consuleing servicea for a elfent on credit. May 15 The coepany paid $770 cash for an assistant's walary for the first half of this month. May 20 The company recelved $2,700 cash payment for the services provided on May 12 . May 22 The company provided $3,400 of consalting services on eredit. May 25 The company received $3,400 cash payment tor the services provided on Nay 22 . May 26 The company pald $1,860 cash for the equipment parchased on May 3. May 27 The company purchased $75 of equiphent on eredit. May 28 The company paid $770 cash for an assintant's salary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bi11. May 30 The company paid $260 cash for this month'g utilities. May 31 The company paid $1,800 cash in dividends to the ouner (sole shareholder). Problem 1-7A (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. Prepare the income statement for May. Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for May. Prepare the balance sheet for May 31 . Required information