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 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 G. Gram invested $44,000 cash in the company. 1 The company rented a furnished office and paid $2,400 cash for May's rent. 3 The company purchased $5,130 of office equipment on credit. 5 The company paid $758 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,900 cash. 12 The company provided $2,780 of consulting services for a client on credit. 15 The company paid $760 cash for an assistant's salary for the first half of this month. 20 The company received $2,700 cash payment for the services provided on May 12. 22 The company provided $3,400 of consulting services on credit. 25 The company received $3,400 cash payment for the services provided on May 22. 26 The company paid $5,130 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; cash payment is due June 1. 28 The company paid $760 cash for an assistant's salary for the second half of this month. 30 The company paid $350 cash for this month's telgphone bill. 30 The company paid $250 cash for this month's utilities. 31 G. Gram withdrew $1,600 cash from the company for personal use. [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 transactions during its first month of operations. May 1 G. Gram invested $44,000 cash in the company. 1 The company rented a furnished office and paid $2,400 cash for May's rent. 3 The company purchased $5,130 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 $5,900 12 The company provided $2,700 of consulting services for a client on credit. 15 The company paid $760 cash for an assistant's salary for the first half of this month. 20 The company received $2,700 cash payment for the services provided on May 12. 22 The company provided $3,400 of consulting services on credit. 25 The company received $3,400 cash payment for the services provided on May 22. 26 The company paid $5, 130 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; ca due June 1. 28 The company paid $760 cash for an assistant's salary for the second half of this month. 30 The company paid $350 cash for this month's telephone bill. 30 The company paid $250 cash for this month's utilities. 31 G. Gram withdrew $1,600 cash from the company for personal use. Problem 1-7A Part 2 and 3 2.1. Prepare income statement for May, THE GRAM CO. Income Statement For Month Ended May 31 2.2. Prepare statement of owner's equity for May. THE GRAM CO. Statement of Owner's Equity For Month Ended May 31 2.3. Prepare Balance Sheet for May 31. THE GRAM CO. Balance Sheet May 31 3. Prepare statement of cash flows for May. (Cash outflows should be THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities