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[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. Gram invested $42,500 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 $5,670 of office equipment on credit.
		5		The company paid $790 cash for this months cleaning services.
		8		The company provided consulting services for a client and immediately collected $5,800 cash.
		12		The company provided $2,900 of consulting services for a client on credit.
		15		The company paid $720 cash for an assistants salary for the first half of this month.
		20		The company received $2,900 cash payment for the services provided on May 12.
		22		The company provided $3,500 of consulting services on credit.
		25		The company received $3,500 cash payment for the services provided on May 22.
		26		The company paid $5,670 cash for the office equipment purchased on May 3.
		27		The company purchased $80 of advertising in this months (May) local paper on credit; cash payment is due June 1.
		28		The company paid $720 cash for an assistants salary for the second half of this month.
		30		The company paid $350 cash for this months telephone bill.
		30		The company paid $250 cash for this months utilities.
		31		The company paid $1,600 cash in dividends to the owner (sole shareholder).

Required information The following information applies to the questions displayed below.j 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 $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,100 cash for May's rent. 3 The company purchased $5,670 of office 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 $5,800 cash. 12 The company provided $2,900 of consulting services for a client on credit. 15 The company paid $720 cash for an assistant's salary for the first half of this month. 20 The company received $2,900 cash payment for the services provided on May 12 22 The company provided 3,500 of consulting services on credit. 25 The company received $3,500 cash payment for the services provided on May 22 26 The company paid $5,670 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; cash payment is due June 28 The company paid $720 cash for an assistant's salary for the second half of this month 30 The company paid $350 cash for this month's telephone bil 30 The company paid $250 cash for this month's utilities. 31 The company paid $1,600 cash in dividends to the owner (sole shareholder). 2.1. Prepare income statement for May THE GRAM CO. Income Statement For Month Ended May 31 2.1. Prepare income statement for May. THE GRAM CO Income Statement For Month Ended May 31 Revenues Expenses Total expenses 2.2. Prepare statement of retained earnings for May. THE GRAM CO Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 Retained earnings, May 31 2.3. Prepare Balance Sheet for May 31. THE GRAM CO Balance Sheet May 31 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.) THE GRAM CO Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash flows from investing activities Cash flows from financing activities Cash balance, May1 Cash balance, May 31