This questions has 5 parts
Part 2
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. Gram invested $44,500 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 $1,870 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 $5,200 cash. 12 The company provided $3,000 of consulting services for a client on credit. 15 The company paid $770 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 $3,100 of consulting services on credit. 25 The company received $3,100 cash payment for the services provided on May 22. 26 The company paid $1,870 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $770 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 $290 cash for this month's utilities. 31 The company paid $1,700 cash in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign. Select "NA" if the transaction does not include an expense.) Assets Liabilities Equity Date Cash Accounts Receivable Office Equipment Accounts Payable + Common Stock Dividends + Revenues - Expenses Account Titles for Expenses May 1 + + + + + + + = + + + 1 3 + + + + 5 + + + + 8 + + = + + 12 + + + 15 + + = + + 20 + + + = + + + + = + - + 22 25 26 + + = + + + + = + + + + + + + + = + - + 27 28 30 30 31 + + + + + + + + + + + + + + $ 0 0 + $ 01 + $ 0 = $ 0 + $ 0 - $ 0 + $ 0 - $ 0 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. Gram invested $44,500 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 $1,870 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 $5,200 cash. 12 The company provided $3,000 of consulting services for a client on credit. 15 The company paid $770 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 $3,100 of consulting services on credit. 25 The company received $3,100 cash payment for the services provided on May 22. 26 The company paid $1,870 cash for the office equipment purchased on May 3. 27 The company purchased $80 of office equipment on credit. 28 The company paid $770 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 $290 cash for this month's utilities. 31 The company paid $1,700 cash in dividends to the owner (sole shareholder). 2-a. Prepare income statement for May. 2-b. Prepare statement of retained earnings for May. 2-c. Prepare balance sheet for May 31. 3. Prepare statement of cash flows for May Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 20 Required 3 Prepare income statement for May. THE GRAM CO. Income Statement For Month Ended May 31 Revenues: Expenses Total expenses 0 Required 2A Required 2B > 2-a. Prepare income statement for May. 2-b. Prepare statement of retained earnings for May. 2-c. Prepare balance sheet for May 31. 3. Prepare 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 statement of retained earnings for May. THE GRAM CO. Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ 0 0 Retained earnings, May 31 $ 0 Required 2A Required 2B Required 2C Required 3 Prepare Balance Sheet for May 31. THE GRAM CO. Balance Sheet May 31 Assets Liabilities Equity 0 Total equity 0 Total liabilities and equity Total assets $ $ 0 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 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 0 Cash balance, May 1 Cash balance, May 31 $ 0
