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. May 1 G. Gran invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,600 cash for May's rent. 3 The company purchased $1,920 of equipment on credit. 5 The company paid $790 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,600 cash. 12 The company provided $3,000 of consulting services for a client on credit. 15 The company paid $730 cash for an assistant's salary for the first half of this month. 20 The company received $3,000 cash payment for the services provided on May 12. 22 The company provided $3,200 of consulting services on credit. 25 The company received $3,200 cash payment for the services provided on May 22. 26 The company paid $1,920 cash for the equipment purchased on May 3. 27 The company purchased 585 of equipment on credit. 26 The company paid 5730 cash for an assistant's salary for the second half of this month 30 The company paid $300 cash for this month's telephone bill. 30 The company paid $270 cash for this month's utilities. 31 The company paid $1,700 cash in dividends to the owner (sole shareholder). Check my work mode: This shows what is correct or incorrect for the work you have compl 2-0. I ICPOI LE HICULHC SLOLCHICHILIUI NIGy. 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. SUTTY Required 2A Required 2B Required 20 Required 3 Prepare the income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues Consulting services revenue $ Consulting services revenue Consulting services revenue * Expenses Rent expense $ 2.600 Cleaning expense 790 Salarios expense 730 % Salaries expense 730 Telephone expense 300 5,600 3,000 $ 3,200 Prepare Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 3 Required 20 Prepare the balance sheet for May 31. w $ 85 Assets Cash Accounts receivable X THE GRAI CO. Balance Sheet May 31 Liabilities $ 42,760 Accounts payable 0 Equity 2.005 Common stock Retained earnings Total equity $ 44.765 Total liabilities and equity > Equipment 40,000 5,420 45,420 $ 45,505 Total assets $ 7.110 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment > (2,005) * (2,005) Cash flows from financing activities Cash investment from shareholder 40,000
