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 1 G. 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 $1,900 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 $5,600 cash. 12 The company provided $2,400 of consulting services for a client on credit. 15 The company paid $770 cash for an assistant's salary for the first half of this month. 20 The company received $2,400 cash payment for the services provided on May 12. 22 The company provided $3,300 of consulting services on credit. 25 The company received $3,300 cash payment for the services provided on May 22. 26 The company paid $1,900 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $770 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 $290 cash for this month's utilities. 31 The company paid $1,700 cash in dividends to the owner (sole shareholder). Requieu TULUI 3. Prepare statement of cash flows for May. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues: Expenses Total expenses Required 2A Required 28 Complete this question by entering your answers in the tabs below. 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 Retained earnings, May 31