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Does anyone know what I am missing??? Dec. 1 Sanyu Sony transferred $68,200 cash from a personal savings account to a checking account in the
Does anyone know what I am missing???
Dec. 1 Sanyu Sony transferred $68,200 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. 2 The company rented office space and paid $1,200 cash for the December rent. 3 The company purchased $14,200 of electrical equipment by paying $6,000 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $800 cash. 6 The company completed electrical work and immediately collected $1,800 cash for these services. 8 The company purchased $2,530 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $4,500. 18 The company purchased $380 of office supplies on credit. 20 The company paid $2,530 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. 28 The company received $4,500 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,800 cash for this month. 30 The company paid $540 cash for this month's utility bill. 31 The company paid $940 cash in dividends to the owner (sole shareholder). SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Electrical fees earned $ 7,200 7,200 Total Revenues Expenses Rent expense Salaries expense Utilities expense 1,200 1,800 540 Total expenses Net income 3,540 3,660 $ SONY ELECTRIC Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 $ Add: Net income 0 3,660 3,660 940 Less: Dividends Retained earnings, December 31 $ 2,720 $ $ 8,580 Assets Office equipment Electrical equipment Accounts receivable Office supplies Cash SONY ELECTRIC Balance Sheet December 31 Liabilities 2,530 Accounts payable 14,200 900 Equity 1,180 Common stock 60,690 Retained earnings Total equity 79,500 Total liabilities and equity 68,200 2,720 70,920 79,500 Total assets $ $ Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash paid to employees $ (1,800) Cash paid for rent (1,200) Cash received from customers 6,300 Cash paid for supplies (800) Cash paid for utilities (540) $ 1,960 Cash flows from investing activities Cash paid for electrical equipment Cash paid for office equipment (6,000)| (2,530) (8,530) Net cash used by investing activities Cash flows from financing activities Cash dividend to shareholder Cash investment from shareholder (940) 68,200 67,260 60,690 Net cash provided by financing activities Net increase in cash Cash balance, Dec. 1 Cash balance, Dec. 31 0 $ 60,690Step by Step Solution
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