equired information Skip to question [The following information applies to the questions displayed...

50.1K

Verified Solution

Question

Accounting

equired information

Skip to question

[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 $41,500 cash in the company.
May 1 The company rented a furnished office and paid $2,300 cash for Mays rent.
May 3 The company purchased $1,890 of equipment on credit.
May 5 The company paid $740 cash for this months cleaning services.
May 8 The company provided consulting services for a client and immediately collected $5,500 cash.
May 12 The company provided $2,800 of consulting services for a client on credit.
May 15 The company paid $770 cash for an assistants salary for the first half of this month.
May 20 The company received $2,800 cash payment for the services provided on May 12.
May 22 The company provided $3,400 of consulting services on credit.
May 25 The company received $3,400 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 $75 of equipment on credit.
May 28 The company paid $770 cash for an assistants salary for the second half of this month.
May 30 The company paid $400 cash for this months telephone bill.
May 30 The company paid $260 cash for this months utilities.
May 31 G. Gram withdrew $1,900 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. Please I really need help in this, I reposted again because the first time it was incompleted

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students