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Required information (The following information applies to the questions displayed below.) Gabi Grom 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 G. Gram invested $42,500 cash in the company in exchange for its common stock. May 1 The company rented a furnished office and paid $2,300 cash for May's rent. May 3. The company purchased $1,890 of equipment on credit. May 5 The company paid $780 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,300 cash. May 12 The company provided $2,900 of consulting services for a client on credit. May 15 The company paid $760 cash for an assistant's salary for the first half of this month. May 20 The company received $2,900 cash payment for the services provided on May 12. May 22 The company provided $3,000 of consulting services on credit. May 25 The compfiny received $3,000 cash payment for the services provided on May 22. May 26 The company aid $1,890 cash for the equipment purchased on May 3. May 27 The company purchased $85 of equipment on credit. May 28 The company paid $760 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $260 cash for this month's utilities. May 31 The company paid $1,800 cash in dividends to the owner (sole shareholder). 2-a. Prepare the income statement for May. 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. Required 2A Required 2B Required 2C Required 3 09:00 Prepare the income statement for May. THE GRAM COMPANY Sk Income Statement t For Month Ended May 31 ces Revenues: $ 8,300 2,900 $ Consulting services revenue Accounts receivable Cash Expenses Rent expense Equipment Cleaning expense Salaries expense Accounts payable Telephone expense Utilities expense Total expenses Net income 2,300 1,890 780 1,520 85 350 260 7,185 4,015 $ Required 2A Required 2B Required 20 Required 3 Required 2B Prepare the statement or retained earnings for May. THE GRAM COMPANY Statement of Retained Earnings For Month Ended May 31 Retained earnings, May 1 $ Add: Net loss 0 7,185 Add: Dividends 1,800 8,985 4,015 4,970 Less: Net income Retained earnings, May 31 $ Pro 4 13 Next > Required information Cash flows from operating activities $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 Cash balance, May 1 Cank holan MAL24 2 of 4 Bu BR