Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the following ----- . Prepare the income statement for the current month. . Prepare the statement of retained earnings for the current month.

image text in transcribed

I need the following -----

. Prepare the income statement for the current month. . Prepare the statement of retained earnings for the current month. . Prepare the balance sheet as of the end of the month. . Prepare the statement of cash flows for the current month.

9 art 2 of 2 Ints eBook Print Required information [The following information applies to the questions displayed below.] Sanyu Sony started new business and completed these transactions during December. December 1 Sanyu Sony transferred $66,700 cash from a personal savings account to a checking account in the name of Sony Electric in exchange for its common stock. December 2 The company paid $1,600 cash for the December rent. December 3 The company purchased $15,000 of electrical equipment by paying $6,800 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. electrical work and immediately collected $1,800 cash for these services. $2,860 of office equipment on credit. December 6 The company completed December 8 The company purchased December 15 The company completed electrical work on credit in the amount of $4,500. December 18 The company purchased $400 of supplies on credit. December 20 The company paid $2,860 cash for the office equipment purchased on December 8. December 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. December 28 The company received $4,500 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,300 cash for this month. December 30 The company paid $510 cash for this month's utility bill. December 31 The company paid $980 cash in dividends to the owner (sole shareholder). 2-a. Prepare the ent for the current th. 2-b. Prepare the statement of retained earnings for the current month. 2-c. Prepare the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Auditor Quo Vadis

Authors: Mervyn King, Linda De Beer

1st Edition

1138496774, 978-1138496774

More Books

Students also viewed these Accounting questions