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Problem $1-7$A $($Static$)$ Analyzing transactions and preparing financial statements LO P$1,$ P$2$

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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 $$40,000$ cash in the company.

May $1$ The company rented a furnished office and paid $$2,200$ cash for May$$s rent.

May $3$ The company purchased $$1,890$ of equipment on credit.

May $5$ The company paid $$750$ cash for this month$$s cleaning services.

May $8$ The company provided consulting services for a client and immediately collected $$5,400$ cash.

May $12$ The company provided $$2,500$ of consulting services for a client on credit.

May $15$ The company paid $$750$ cash for an assistant$$s salary for the first half of this month.

May $20$ The company received $$2,500$ cash payment for the services provided on May $12.$

May $22$ The company provided $$3,200$ of consulting services on credit.

May $25$ The company received $$3,200$ cash payment for the services provided on May $22.$

May $26$ The company paid $$1,890$ cash for the equipment purchased on May $3.$

May $27$ The company purchased $$80$ of equipment on credit.

May $28$ The company paid $$750$ cash for an assistant$$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 Gram withdrew $$1,400$ cash from the company for personal use.

$2-$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.