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Required information Problem 1-7A (Algo) Analyzing transactions and preparing financial statements LO P1, P2 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 G. Gram invested $42,000 cash in the company. May The company rented a furnished office and paid $2.5po cash for May's rent. May 3 The company purchased $1,910 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 $5,800 cash. May 12 The company provided $3,000 of consulting services for a client on credit. May 15 The company paid $720 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 $3,800 of consulting services on credit. May 25 The company received $3,800 cash payment for the services provided on May 22. May 26 The company paid $1,910 cash for the equipment purchased on May 3. May 27 The company purchased $80 of equipment on credit. May 28 The company paid $720 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 $280 cash for this month's utilities. May 31 G. Gram withdrew $2,000 cash from the company for personal use. Problem 1-7A (Algo) Part 1 111 oblems Saved Required information Liabilities + Date Assets Accounts Receivable Account Titles for Expenses Equity G. Gram, Withdrawals Cash Accounts Payable + Equipment G Gram, Capital + Revenues - Expenses + . + . + May 1 May 1 May 3 May 5 May May 12 May 15 May 20 May 22 May 25 May 26 May 27 May 28 May 30 May 30 May 31 + + $ 0 + $ 0 + $ 0 $ 0 + $ 0 $ 0 $ 0 $ 0 Prey 1 2 of 2 !!! Next > ! Required information Prepare the income statement for May. THE GRAM COMPANY Income Statement For Month Ended May 31 Revenues: Expenses Total expenses 0 1 Required information TUE MULT Creu may Cash flows from operating activities 2 + $ 0 Cash flows from investing activities ces 0 Cash flows from financing activities 0 0 $ 0 Cash balance, May 1 Cash balance, May 31 $ 0