Required information [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. nes May 10. Gran invested $44,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,500 cash for May's rent. 3 The company purchased $1,940 of office equipment on credit. 5 The company paid $730 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,700 cash. 12 The company provided $2,400 of consulting services for a client on credit. 15 The company paid $750 cash for an assistant's salary for the first half of this month. 20 The company received $2,400 cash paynent for the services provided on May 12. 22 The company provided 53,700 of consulting services on credit. 25 The company received $3,700 cash paynent for the services provided on May 22. 26 The company paid $1,940 cash for the office equipment purchased on May 3. 27 The company purchased $90 of advertising in this month's (May) local paper on credit; cash payment is due June 1. 28 The company paid $750 cash for an assistant's salary for the second half of this month. 30 The company paid 5350 cash for this month's telephone bill 30 The company paid $200 cash for this month's utilities 31 The company paid $1,500 cash in dividends to the outer (sole shareholder) THE GRAM CO. Income Statement For Month Ended May 31 Revenues: ok ht nces Expenses Total expenses 0 2.2. Prepare statement of retained earnings for May. eBook Print THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ References 0 Retained earnings, May 31 2.3. Prepare Balance Sheet for May 31. THE GRAM CO. Balance Sheet May 31 nces Assets Liabilities Equity Total equity Total liabilities and equity Total assets 3. Prepare statement of cash flows for May (Cash outflows should be indicated with a minus sign.) ats eBook THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Print References Cash flows from investing activities ! Required information Cash flows from investing activities at Cash flows from financing activities ences Cash balance, May 1 Cash balance, May 31