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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 $43,500 cash in the company in exchange for its common stock.
1	The company rented a furnished office and paid $2,300 cash for Mays rent..
3	The company purchased $1,950 of office equipment on credit.
5	The company paid $750 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 $3,000 of consulting services for a client on credit.
15	The company paid $780 cash for an assistants 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 $3,700 of consulting services on credit.
25	The company received $3,700 cash payment for the services provided on May 22.
26	The company paid $1,950 cash for the office equipment purchased on May 3.
27	The company purchased $75 of advertising in this months (May) local paper on credit; cash payment is due June 1.
28	The company paid $780 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 $270 cash for this months utilities.
31	The company paid $1,900 cash in dividends to the owner (sole shareholder).

3-a.	Prepare income statement for May.

3-b.	Prepare statement of retained earnings for May.

3-c.	Prepare Balance Sheet for May 31.

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