THE GRAM CO. | ||
Income Statement | ||
For Month Ended May 31 | ||
Revenues: | ||
Consulting fees revenue ($5700+2800+3000) | $11500 | |
Expenses: | ||
Rent expense | -2200 | |
Cleaning expense | -740 | |
Salary expense (730+730) | -1460 | |
Telephone expense | -300 | |
Utilities expense | -280 | |
Total expenses | -4980 | |
Net income | $6520 |
THE GRAM CO. | |
Statement of Retained earnings | |
For Month Ended May 31 | |
Retained earnings, May 1 | $0 |
Add: Net income | 6520 |
6520 | |
Less: Dividends | -1500 |
Retained earnings, May 31 | $5020 |
THE GRAM CO. | |||
Balance Sheet | |||
May 31 | |||
Assets | Liabilities | ||
Cash | $45600 | Accounts payable | $85 |
Accounts receivable | 0 | Equity | |
Office equipment | 2005 | Common stock | 42500 |
Retained earnings | 5020 | ||
Total assets | $47605 | Total liabilities and equity | $47605 |
Cash= $42500-2200-740+5700-730+2800+3000-1920-730-300-280-1500= $45600
Accounts receivable= $2800-2800+3000-3000= $0
Office equipment= $1920+85= $2005
Accounts payable= $1920-1920+85= $85
Common stock= $42500
THE GRAM CO. | ||
Statement of Cash Flows | ||
For Month Ended May 31 | ||
Cash flow from Operating activities: | ||
Cash received from customers | $11500 | |
Cash paid for rent | -2200 | |
Cash paid for cleaning services | -740 | |
Cash paid to employees (730+730) | -1460 | |
Cash paid for telephone | -300 | |
Cash paid for utilities | -280 | |
Net cash provided by operating activities | 6520 | |
Cash flow from Investing activities: | ||
Purchase of office equipment | ||
Net cash used in investing activities | -1920 | |
-1920 | ||
Cash flow from financing activities: | ||
Investment by shareholder | 42500 | |
Dividend paid | -1500 | |
Net cash provided by financing activities | 41000 | |
Net increase (decrease) in cash (6520-1920+41000) | 45600 | |
Add: Beginning cash balance | 0 | |
Ending cash balance | $45600 |
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram...
Required information [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 $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Required information [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 $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Required information [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 $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
Required information 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 $43,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,500 cash for May's rent. 3 The company purchased $1,860 of office equipment on credit. 5...
Required information (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 10. Gram Invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,890 of office equipment on credit. 5 The...
Required information [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 16. Gram invested $43,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,500 cash for May's rent. 3 The company purchased $1,860 of office equipment on credit. 5 The...
Required information
[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...
Required information 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 $43,500 cash in the company. 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $5,020 of office equipment on credit. 5 The company paid $730 cash for...
Required information
[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 $42,000 cash in the company in exchange for
its common stock.
1
The company rented a furnished office and paid $2,300 cash for
May’s rent.
3
The company purchased $4,890 of office equipment on
credit.
5...
i ne Tollowing information applies to the questions aisplayed 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. 1 The company rented a furnished office and paid $2,2ee cash for May's rent. 3 The company purchased $1,868 of office equipment on credit. 5 The company paid $730 cash for this...