[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 $40,500 cash in the company. May 1 The company rented a furnished office and paid $2,500 cash for May's rent. May 3 The company purchased $1,880 of equipment on credit. May 5 The company paid $740 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,100 cash. May 12 The company provided $3,000 of consulting services for a client on credit. May 15 The company paid $790 cash for an assistant's salary for the first half of this month. May 20 The company received $3,000 cash payment for the services provided on May 12. May 22 The company provided $3,400 of consulting services on credit. May 25 The company received $3,400 cash payment for the services provided on May 22. May 26 The company paid $1,880 cash for the equipment purchased on May 3. May 27 The company purchased $90 of equipment on credit. May 28 The company paid $790 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 Gran withdrew $1,700 cash from the company for personal use. Required information Que ning suunda muy w 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 balance sheet for May 31. THE GRAM COMPANY Balance Sheet Cash Accounts receivable Assets May 31 Liabilities Accounts payable Equity Total assets $ 0 Total liabilities and equity < Required 2B Required 3 > Required information. THE GRAM COMPANY Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities $ 0 Cash flows from investing activities Cash flows from financing activities Cash balance, May 1 Cash balance, May 31 0 0 $ 0 0 $ 0 < Prev 32 of 2 of 2 Required information Prepare the income statement for May. THE GRAM COMPANY Revenues: Cash Accounts receivable Accounts receivable Expenses Cash Cash Cash Cash Cash Cash Total expenses Net income Income Statement For Month Ended May 31 (2,500) (740) (790) (790) (300) $ 5,100 3,000 3,400 (280) (5,400) 6,100 Required 2A Required 2B >