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[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 $42,500 cash in the company in exchange for its common stock.
		1		The company rented a furnished office and paid $2,100 cash for May’s rent.
		3		The company purchased $5,670 of office equipment on credit.
		5		The company paid $790 cash for this month’s cleaning services.
		8		The company provided consulting services for a client and immediately collected $5,800 cash.
		12		The company provided $2,900 of consulting services for a client on credit.
		15		The company paid $720 cash for an assistant’s salary for the first half of this month.
		20		The company received $2,900 cash payment for the services provided on May 12.
		22		The company provided $3,500 of consulting services on credit.
		25		The company received $3,500 cash payment for the services provided on May 22.
		26		The company paid $5,670 cash for the office equipment purchased on May 3.
		27		The company purchased $80 of advertising in this month’s (May) local paper on credit; cash payment is due June 1.
		28		The company paid $720 cash for an assistant’s salary for the second half of this month.
		30		The company paid $350 cash for this month’s telephone bill.
		30		The company paid $250 cash for this month’s utilities.
		31		The company paid $1,600 cash in dividends to the owner (sole shareholder).

Required information The following information applies to the questions displayed below.j 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 $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,100 cash for May's rent. 3 The company purchased $5,670 of office equipment on credit. 5 The company paid $790 cash for this month's cleaning services. 8 The company provided consulting services for a client and immediately collected $5,800 cash. 12 The company provided $2,900 of consulting services for a client on credit. 15 The company paid $720 cash for an assistant's salary for the first half of this month. 20 The company received $2,900 cash payment for the services provided on May 12 22 The company provided 3,500 of consulting services on credit. 25 The company received $3,500 cash payment for the services provided on May 22 26 The company paid $5,670 cash for the office equipment purchased on May 3. 27 The company purchased $80 of advertising in this month's (May) local paper on credit; cash payment is due June 28 The company paid $720 cash for an assistant's salary for the second half of this month 30 The company paid $350 cash for this month's telephone bil 30 The company paid $250 cash for this month's utilities. 31 The company paid $1,600 cash in dividends to the owner (sole shareholder). 2.1. Prepare income statement for May THE GRAM CO. Income Statement For Month Ended May 31

Answer 1