Required Information Problem 1-7A (Static) Analyzing transactions and preparing financial statements LO P1, P2 [The following Information applies to the questions displayed below.] Gabi Gram started The Gram Company, a new business that began operations on May 1. The Gram Company 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. May 1 The company rented a furnished office and paid $2,200 cash for May's rent. May 3 The company purchased $1,890 of equipment on credit. May 5 The company paid $750 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,400 cash. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company paid $750 cash for an assistant's salary for the first half of this month. May 20 The company received $2,500 cash payment for the services provided on May 12. May 22 The company provided $3,200 of consulting services on credit. May 25 The company received $3,200 cash payment for the services provided on May 22. May 26 The company paid $1,890 cash for the equipment purchased on May 3. May 27 The company purchased $80 of equipment on credit. May 28 The company paid $750 cash for an assistant's salary for the second half of this month. May 30 The company paid $300 cash for this month's telephone bill. May 30 The company paid $280 cash for this month's utilities. May 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). Equity Account Titles Common Dividends + Revenues - Stock Expenses for Expenses Required: 1. Enter the amount of each transaction on Individual items of the accounting equation. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" for account titles if the transaction does not include an expense.) Date Cash May 1 May 1 May 3 May 5 Assets Accounts Receivable + + + + Equipment= + + + May 8 May 12 May 15 May 20 May 22 May 25 May 26 May 27 May 28 May 30 May 30 May 30 $ 0 + Liabilities Accounts Payable = = $ 0 + + + + + + + + ++ ++ + + + + + + = + $ 0 = $ 0 $ 0 $ 0 + $ 0 $ 0 = + Required 2A Required 28 Required 2C Required 3 Prepare the income statement for May. THE GRAM COMPANY Income Statement For Month Ended May 31 Revenues: Expenses Total expenses Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the statement of retained earnings for May. THE GRAM COMPANY Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ 0 Retained earnings, May 31 $ 19 0 0 Required 2A Required 2B Required 2C Required 3 Prepare the balance sheet for May 31. Assets THE GRAM COMPANY Balance Sheet May 31 Total liabilities Liabilities 0 Equity Total equity 0 Total assets $ 0 Total liabilities and equity $ 0 Prepare the statement of cash flows for May. (Cash outflows should be ind THE GRAM COMPANY Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities $ 0 0 0 $ 0 Cash balance, May 1 0 Cash balance, May 31 $ 0