Curtis Hamilton started a new business and completed these transactions during December.

Dec. 1	Curtis Hamilton transferred $67,000 cash from a personal savings account to a checking account in the name of Hamilton Electric.
2	The company rented office space and paid $1,200 cash for the December rent.
3	The company purchased $14,900 of electrical equipment by paying $6,700 cash and agreeing to pay the $8,200 balance in 30 days.
5	The company purchased office supplies by paying $1,000 cash.
6	The company completed electrical work and immediately collected $1,600 cash for these services.
8	The company purchased $2,790 of office equipment on credit.
15	The company completed electrical work on credit in the amount of $5,700.
18	The company purchased $420 of office supplies on credit.
20	The company paid $2,790 cash for the office equipment purchased on December 8.
24	The company billed a client $800 for electrical work completed; the balance is due in 30 days.
28	The company received $5,700 cash for the work completed on December 15.
29	The company paid the assistant's salary of $1,600 cash for this month.
30	The company paid $560 cash for this month's utility bill.
31	C. Hamilton withdrew $910 cash from the company for personal use.

1.Prepare Income Statement.

2. Prepare Balance Sheet.

3. What are possible impacts on managerial decision from these financial statements?