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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 $44,000 cash in the company. May 1 The company rented a furnished office and paid $2,400 cash for May's rent. May 3 The company purchased $1,900 of equipment on credit. May 5 The company paid $798 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,900 cash. May 12 The company provided $2,400 of consulting services for a client on credit. May 15 The company paid $770 cash for an assistant's salary for the first half of this month. May 20 The company received $2,400 cash payment for the services provided on May 12. May 22 The company provided $4,000 of consulting services on credit. May 25 The company received $4,000 cash payment for the services provided on May 22. May 26 The company paid $1,900 cash for the equipment purchased on May 3. May 27 The company purchased $90 of equipment on credit. May 28 The company paid $770 cash for an assistant's salary for the second half of this month. May 30 The company paid $400 cash for this month's telephone bill. May 30 The company paid $280 cash for this month's utilities. May 31 G. Gram withdrew $1,600 cash from the company for personal use. Problem 1-7A (Algo) Part 2 and 3 2-a. Prepare the income statement for May 2-b. Prepare the statement of owner's equity for May. 2-c. Prepare the balance sheet for May 31. 3. Prepare the statement of cash flows for May Complete this question by entering your answers in the tabs below. Required Required Required Required 2A 28 2C 3 Prepare the income statement for May. THE GRAM COMPANY Income Statement For Month Ended May 31 Revenues revenue Expenses 790 400 280 2,400) Consulting services Salaries expense Cleaning expense Telephone expense Utilities expense Rent expense Total expenses Net income 3,870 Required Required Required Required 2A 2B 2C 3 Prepare the statement of owner's equity for May. THE GRAM COMPANY Statement of Owner's Equity For Month Ended May 31 G. Gram, Capital, May, 1 $ 0 44,000 Add: Investments by owner Add: Net income 44,000 1,600 Less: Withdrawals by owner G. Gram, Capital, May 31 $42,400 Cash Equipment Total assets Assets THE GRAM COMPANY Balance Sheet May 31 $ Liabilities Accounts payable Equity G. Gram, Capital O Total liabilities and equity $ $ 90 90 Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash received from customers Cash paid for rent Cash paid for cleaning Cash paid for telephone Cash paid for utilities Cash paid to employees Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Net cash used by investing activities Cash flows from financing activities Cash investment by owner Cash withdrawal by owner Net cash provided by financing activities Net increase in cash Cash balance, May 1 Cash balance, May 31 S $ $ 0 0 0 0 0 0