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 Gabi Gram invested $40,000 cash in the company. 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 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 Gabi Gram withdrew $1,400 cash from the company for personal use. 2-a. Prepare the income statement for May. 2-b. Prepare the statement of owner's equity for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May. ! Required information 3. Prepare the 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 the income statement for May. THE GRAM COMPANY Income Statement For Month Ended May 31 Revenues: Cleaning expense Rent expense Expenses 2,200 Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the statement of owner's equity for May. THE GRAM COMPANY Statement of Owner's Equity For Month Ended May 31 Gabi Gram, Capital, May 1 $ 0 0 Gabi Gram, Capital, May 31 $ 0 < Required 2A Required 2C > Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the balance sheet for May 31. Assets THE GRAM COMPANY Balance Sheet May 31 Liabilities Equity $ 0 Total assets $ 0 Total liabilities and equity < Required 2B Required 3 > Complete this question by entering your answers in the tabs belo Required 2A Required 2B Required 2C Required 3 Prepare the statement of cash flows for May. Note: 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 $ ! Required information Cash flows from investing activities Cash flows from financing activities Cash balance, May 1 Cash balance, May 31 < Required 2C $ 0 0 0 $ 0 0 $ 0 Required 3 >