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 $45,000 cash in the company. | ||
| 1 | The company rented a furnished office and paid $2,100 cash for May’s rent. | |||
| 3 | The company purchased $5,220 of office equipment on credit. | |||
| 5 | The company paid $760 cash for this month’s cleaning services. | |||
| 8 | The company provided consulting services for a client and immediately collected $5,300 cash. | |||
| 12 | The company provided $3,000 of consulting services for a client on credit. | |||
| 15 | The company paid $750 cash for an assistant’s salary for the first half of this month. | |||
| 20 | The company received $3,000 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 $5,220 cash for the office equipment purchased on May 3. | |||
| 27 | The company purchased $85 of advertising in this month’s (May) local paper on credit; cash payment is due June 1. | |||
| 28 | The company paid $750 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 $270 cash for this month’s utilities. | |||
| 31 | G. Gram withdrew $1,600 cash from the company for personal use. |
2.1. Prepare income statement for May.
2.2. Prepare statement of owner's equity for May.
2.3. Prepare Balance Sheet for May 31.
3. Prepare statement of cash flows for May. (Cash outflows should be indicated with a minus sign.)
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Accounting Question asking for Income Sheet, Equity Statement, Balance sheet, and Cash Flow statement
1 G. Gram invested $43,000 cash in the company. 1 The company rented a furnished office and paid $2,400 cash for May’s rent. 3 The company purchased $1,930 of office equipment on credit. 5 The company paid $740 cash for this month’s cleaning services. 8 The company provided consulting services for a client and immediately collected $5,600 cash. 12 The company provided $2,700 of consulting services for a client on credit. 15 The company paid $750 cash for an assistant’s...
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 $44,500 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 $1,860 of office equipment on credit. 5...
Please please someone help me with these question. 1 G. Gram invested $43,000 cash in the company. 1 The company rented a furnished office and paid $2,400 cash for May’s rent. 3 The company purchased $1,930 of office equipment on credit. 5 The company paid $740 cash for this month’s cleaning services. 8 The company provided consulting services for a client and immediately collected $5,600 cash. 12 The company provided $2,700 of consulting services for a client on credit. 15...
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.1. Prepare income statement for May.2. Prepare statement of owner's equity for May.3. Prepare Balance Sheet for May 31.4. Prepare statement of cash flows for May.May1G. Gram invested $41,000 cash in the company.1The company rented a furnished office and paid $2,400 cash for May’s rent.3The company purchased $3,850 of office equipment on credit.5The...
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.May1G. Gram invested $44,500 cash in the company.1The company rented a furnished office and paid $2,600 cash for May’s rent.3The company purchased $4,790 of office equipment on credit.5The company paid $770 cash for this month’s cleaning services.8The company provided consulting services for a client and immediately collected $6,000 cash.12The company provided $2,700 of...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [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 $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...
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 $2,400 cash for May’s rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $800 cash for...
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 $1,870 of office equipment on credit. 5 The company paid $780 cash for this month’s cleaning services. 8...
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 $43,000 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 $1,880 of office equipment on credit. 5...
[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 $2,400 cash for May’s rent. 3 The company purchased $1,890 of office equipment on credit. 5 The company paid $800 cash for this month’s...