FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…
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Please solve 3 and 4

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 $44,500 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 $1,930 of equipment on credit. May 5 The company paid $760 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,800 cash. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company May 20 The company May 22 The company pro May 22 The company May 25 The company May 26 The company May 27 The company purchased $85 of equipment on credit. May 28 The company paid $730 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $290 cash for this month's 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. Complete this question by entering your answers in the tabs below. Required 2A paid $730 cash for an assistant's salary for the first half of this month. received $2,500 cash payment for the services provided on May 12. provided $3,500 of consulting services on credit. received $3,500 cash payment for the services provided on May 22. paid $1,930 cash for the equipment purchased on May 3. Revenues: Prepare the income statement for May. Expenses Total expenses Required 2B Required 2C Required 3 THE GRAM COMPANY Income Statement For Month Ended May 31 0
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Transcribed Image Text: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 $44,500 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 $1,930 of equipment on credit. May 5 The company paid $760 cash for this month's cleaning services. May 8 The company provided consulting services for a client and immediately collected $5,800 cash. May 12 The company provided $2,500 of consulting services for a client on credit. May 15 The company May 20 The company May 22 The company pro May 22 The company May 25 The company May 26 The company May 27 The company purchased $85 of equipment on credit. May 28 The company paid $730 cash for an assistant's salary for the second half of this month. May 30 The company paid $350 cash for this month's telephone bill. May 30 The company paid $290 cash for this month's 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. Complete this question by entering your answers in the tabs below. Required 2A paid $730 cash for an assistant's salary for the first half of this month. received $2,500 cash payment for the services provided on May 12. provided $3,500 of consulting services on credit. received $3,500 cash payment for the services provided on May 22. paid $1,930 cash for the equipment purchased on May 3. Revenues: Prepare the income statement for May. Expenses Total expenses Required 2B Required 2C Required 3 THE GRAM COMPANY Income Statement For Month Ended May 31 0
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