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Required information Problem 1-9A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. Dec. 1Sanyu Sony transferred $67,100 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 $1,300 cash for the December rent. 3 The company purchased $13,600 of electrical equipment by paying $5,400 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 $1,200 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 $6,100 18 The company purchased $320 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 $6,100 cash for the work completed on December 15 29 The company paid the assistant's salary of $1,700 cash for this month. 30 The company paid $580 cash for this month's utility bill. 31 The company paid $910 cash in dividends to the owner (sole shareholder). 1. Prepare the income statement for the current month. SONY ELECTRIC Income Statement For Month Ended December 31 evenues Electrical fees earned 8,200 Rent expense 1,300 1,700 Salaries expense Utilities expense 580 Total expenses 3,580 $ (11,780) Net income 2. Prepare the statement of retained earnings for the current month. SONY ELECTRIC Statement of Retained Earnings For Month Ended December 31 Retained earnings, December1 Add: Net income Less: Net loss Retained earnings, December 31 2.3. Prepare the balance sheet as of the end of the month SONY ELECTRIC Balance Sheet December 31 Liabilities Assets Equity Total equity 0 Total liabilities and equity Total assets 3. Prepare the statement of cash flows for the current month. (Cash outflows sh SONY ELECTRIC Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash flows from investing activities 0 Cash flows from investing activities 0 Cash flows from financing activities Cash balance, Dec. 1 2 Cash balance, Dec. 31