Required information Problem 1-7A Analyzing transactions and preparing financial statements LO 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 16. Gram invested $42,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,409 cash for May's rent. 3 The company purchased $1,940 of office equipment on credit. 5. The company paid $780 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,700 cash. 12 The company provided $2,500 of consulting services for a client on credit. 15 The company paid $720 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 $3,900 of consulting services on credit. 25 The company received $3,900 cash payment for the services provided on May 22. 26 The company paid $1,940 cash for the office equipment purchased on May 3. 27 The company purchased $85 of office equipment on credit. 28 The company paid $720 cash for an assistant's salary for the second half of this month. 30 The company paid $400 cash for this month's telephone bill. 30 The company paid $270 cash for this month's utilities. 31 The company paid $1,500 cash in dividends to the owner (sole shareholder). ! Required information Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues: Expenses Total expenses 0 Complete this question by entering 15W Required 2A Required 2B Required 2C Required 3 Prepare statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ 0 0 . Retained earnings, May 31 $ 0 ! Required information Prepare statement of cash flows for May. (Cash outflows should be indicated with an THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities $ 0 Cash flows from investing activities 0 . Required information $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 0 Cash balance, May 1 Cash balance, May 31 $ 0