! Required information (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 $42,000 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,100 cash for May's rent. May 3 The company purchased $1,870 of equipment on credit. May 5 The company paid $ 730 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $6,000 cash. May 12 The company provided $2,400 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 $2,400 cash payment for the services provided on May 12. May 22 The company provided $3,100 of consulting services on credit. May 25 The company received $3,100 cash payment for the services provided on May 22. May 26 The company paid $1,870 cash for the equipment purchased on May 3. May 27 The company purchased $90 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 $400 cash for this month's telephone bill. May 30 The company paid $270 cash for this month's utilities. May 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). 2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. X Answer is not complete. (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 $42,000 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,100 cash for May's rent. May 3 The company purchased $1,870 of equipment on credit. May 5 The company paid $730 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $6,000 cash. May 12 The company provided $2,400 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 $2,400 cash payment for the services provided on May 12. May 22 The company provided $3,100 of consulting services on credit. May 25 The company received $3,100 cash payment for the services provided on May 22. May 26 The company paid $1,870 cash for the equipment purchased on May 3. May 27 The company purchased $90 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 $400 cash for this month's telephone bill. May 30 The company paid $270 cash for this month's utilities. May 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). 2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the income statement for May. THE GRAM COMPANY Income Statement For Month Ended May 31 Revenues: Consulting services revenue I$ 11,500 Expenses Rent expense ls 2,100 1,500 Salaries expense Cleaning expense Telephone expense Utilities expense 730 400 270 Total expenses Net income 5,000 6,500 Required 2A Required 2B> Required information (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 $42,000 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,100 cash for May's rent. May 3 The company purchased $1,870 of equipment on credit. May 5 The company paid $730 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $6,000 cash. May 12 The company provided $2,400 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 $2,400 cash payment for the services provided on May 12. May 22 The company provided $3,100 of consulting services on credit. May 25 The company received $3,100 cash payment for the services provided on May 22. May 26 The company paid $1,870 cash for the equipment purchased on May 3. May 27 The company purchased $90 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 $400 cash for this month's telephone bill. May 30 The company paid $270 cash for this month's utilities. May 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). 2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. Answer is not complete. 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 $ Add: Net income 0 6,500 Less: Dividends $ 6,500 1,400 5,100 Retained earnings, May 31 Required information (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 $42,000 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,100 cash for May's rent. May 3 The company purchased $1,870 of equipment on credit. May 5 The company paid $730 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $6,000 cash. May 12 The company provided $2,400 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 The company received $2,400 cash payment for the services provided on May 12. May 22 The company provided $3,100 of consulting services on credit. May 25 The company received $3,100 cash payment for the services provided on May 22. May 26 The company paid $1,870 cash the equipment purchased on May 3. May 27 The company purchased $90 of equipment 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 $400 cash for this month's telephone bill. May 30 The company paid $270 cash for this month's utilities. May 31 The company paid $1,400 cash in dividends to the owner (sole shareholder). 2-a. Prepare the income statement for May. 2-b. Prepare the statement of retained earnings for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 20 Required 3 Prepare the balance sheet for May 31. THE GRAM COMPANY Balance Sheet May 31 Assets Liabilities Cash $ 90 Equipment $ 45,230 Accounts payable 1,960 Total liabilities 90 Equity Common stock 42,000 5,100 Retained earnings Total equity Total liabilities and equity 47,100 47,190 Total assets $ 47,190 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the statement of cash flows for May. (Cash outflows should be indicated with a minus sign.) THE GRAM COMPANY Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash received from customers Is Cash paid for rent Cash paid for cleaning Cash paid to employees Cash paid for telephone Cash paid for utilities e|e|e|e|9|8| 11,500 (2,100) (730) (1,500) (400) (270) $ 6,500 Cash flows from investing activities Cash paid for equipment (1,870) (1,870) Net cash used by investing activities Cash flows from financing activities Cash investment from shareholder Cash dividend to shareholder olol 42,000 (1,400) blo olol 40,600 45,230 $ Net cash provided by financing activities Net increase in cash Cash balance, May 1 Cash balance, May 31 0 $ 45,230