require UTIQUUN [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 6. Gram invested $40,000 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 $750 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,400 cash. 12 The company provided $2,589 of consulting services for a client on credit. 15 The company paid $750 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 $3,200 of consulting services on credit. 25 The company received $3,200 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 $750 cash for an assistant's salary for the second half of this month. 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $280 cash for this month's utilities. 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). wrarermanr rr Required information Prepare the income statement for May. 2 THE GRAM CO. Income Statement For Month Ended May 31 Revenues Consulting services revenue ok t nces Expenses Rent expense Salaries expense Cleaning expense Telephone expense Utilities expense 300 300 Total expenses Net Income Statement of Retained Eamings> 3. Prepare the statement of cash flows for the month of May. Complete this question by entering your answers in the tabs below. Statement of Income Retained Statement of Statement Balance Sheet Cash Flows Earnings Prepare the statement of retained earnings for May THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ 0 0 0 Retained earnings. May 31 Required information Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows Prepare the balance sheet as of May 31. THE GRAM CO. Balance Sheet May 31 Assets Liabilities Equity Total equity 0 Total liabilities and equity Total assets $ s 0