Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 The following information applies to the questions displayed below! Gabi Grom started The Gram Con new business that began operations on May 1: The Gram Co. completed the following transactionsoring its first month of operations May I G. Cras invested $42,500 cash in the company in exchange for its common stock 1 The company rented a furnished office and paid $2,400 cash for Mayes rent. 3 The company purchased 51,940 of office equipment on credit. 8 The company provided consulting services for a client and mediately collected $5,700 cash 15 The company paid 5/10 cash for an assistant's salary for the first half of this month. ze the company received $2,000 cash payment for the services provided on May 12 22 The company provided $3,700 of consulting services on credit 25 The company received $1,70 cash payment for the services provided on May 22 26 The company paid 51,0 cash for the office equiposent purchased on May 3. 27 The company purchased 58 of advertising in this month's (May) local paper on credit; cash payment is due June 28 The company paid a cash for an assistant's salary for the second half of this month. 38 The company paid 5350 cash for this month's telephone bill. 3 The company paid 5270 cash for this month's utilities. 31 The owpany paid $1,888 cash in dividends to the owner (sole shareholder). 5 Problem 1-7A Part 2 and 3 21. Prepare income statement for May THE GRAM CO Income Statement Required information Problem 1-7A Part 2 and 3 2.1 apare income statement for May THE GRAM CO. Income Statement For Month Ended May 31 Revenues Expenses Total expenses Prepare statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ Retained earnings, May 31 2.3. Prepare Balance Sheet for May THE GRAM CO. Balance Sheet May 31 Assets Liabilities Equity Total assets Total equity Total liabilities and equity Required information 3. Prepare statement of cash flows for May (Cash outflows should be indicated with a minus sign.) THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash balance. May 1 Cash balance, May 31 0 Dros Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 The following information applies to the questions displayed below! Gabi Grom started The Gram Con new business that began operations on May 1: The Gram Co. completed the following transactionsoring its first month of operations May I G. Cras invested $42,500 cash in the company in exchange for its common stock 1 The company rented a furnished office and paid $2,400 cash for Mayes rent. 3 The company purchased 51,940 of office equipment on credit. 8 The company provided consulting services for a client and mediately collected $5,700 cash 15 The company paid 5/10 cash for an assistant's salary for the first half of this month. ze the company received $2,000 cash payment for the services provided on May 12 22 The company provided $3,700 of consulting services on credit 25 The company received $1,70 cash payment for the services provided on May 22 26 The company paid 51,0 cash for the office equiposent purchased on May 3. 27 The company purchased 58 of advertising in this month's (May) local paper on credit; cash payment is due June 28 The company paid a cash for an assistant's salary for the second half of this month. 38 The company paid 5350 cash for this month's telephone bill. 3 The company paid 5270 cash for this month's utilities. 31 The owpany paid $1,888 cash in dividends to the owner (sole shareholder). 5 Problem 1-7A Part 2 and 3 21. Prepare income statement for May THE GRAM CO Income Statement Required information Problem 1-7A Part 2 and 3 2.1 apare income statement for May THE GRAM CO. Income Statement For Month Ended May 31 Revenues Expenses Total expenses Prepare statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ Retained earnings, May 31 2.3. Prepare Balance Sheet for May THE GRAM CO. Balance Sheet May 31 Assets Liabilities Equity Total assets Total equity Total liabilities and equity Required information 3. Prepare statement of cash flows for May (Cash outflows should be indicated with a minus sign.) THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash balance. May 1 Cash balance, May 31 0 Dros