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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 $45,000 cash in the company in exchange for its common stock.
		1		The company rented a furnished office and paid $2,100 cash for Mays rent.
		3		The company purchased $5,690 of office equipment on credit.
		5		The company paid $730 cash for this months cleaning services.
		8		The company provided consulting services for a client and immediately collected $5,900 cash.
		12		The company provided $2,800 of consulting services for a client on credit.
		15		The company paid $760 cash for an assistants salary for the first half of this month.
		20		The company received $2,800 cash payment for the services provided on May 12.
		22		The company provided $3,800 of consulting services on credit.
		25		The company received $3,800 cash payment for the services provided on May 22.
		26		The company paid $5,690 cash for the office equipment purchased on May 3.
		27		The company purchased $85 of advertising in this months (May) local paper on credit; cash payment is due June 1.
		28		The company paid $760 cash for an assistants salary for the second half of this month.
		30		The company paid $400 cash for this months telephone bill.
		30		The company paid $260 cash for this months utilities.
		31		The company paid $1,800 cash in dividends to the owner (sole shareholder).

2.1. Prepare income statement for May.

2.2. Prepare statement of retained earnings for May.

2.3. Prepare Balance Sheet for May 31.

3. Prepare statement of cash flows for May. (Cash outflows should be indicated with a minus sign.)