Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help asap, I will upvote! all the info is there ! Required information The following information applies to the questions displayed below) Sanyu Sony
need help asap, I will upvote!
all the info is there
! Required information The following information applies to the questions displayed below) Sanyu Sony started a new business and completed these transactions during December Dec. 1 Sanyu Sony transferred $68,200 cash from a personal savings account to a checking account in the name of Sony Electrie in exchange for its common stock. 2 The company rented office space and paid $1,200 cash for the December rent. The company purchaned $13,890 of electrical equipment by paying $5,600 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $900 canh. 6 The company completed electrical work and Trediately collected $1,500 canh for these services. 8 The company purchased $2.740 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $4,100. 18 The company purchased $470 of office supplies on credit. 20 The company paid $2.740 cash for the office equipment purchased on December 8. 24 The company billed a client $1,000 for electrical work completed the balance is due in 30 days. 28 The company received $4,100 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,500 cash for this month. 30 The company paid $540 cash for this month's utility bill. 31 The company paid $970 cash in dividends to the owner (sole shareholder). 2.1. Prepare an income statement for the current month. 38 SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Expenses Total expenses 2.2. Prepare a statement of retained earnings for the current month. SONY ELECTRIC Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 $ 0 0 Retained earnings, December 31 LA $ 0 2.3. Prepare a balance sheet as of the end of the month. SONY ELECTRIC Balance Sheet December 31 Assets Liabilities Equity 0 Total assets Total equity 0 Total liabilities and equity $ $ $ 0 3. Prepare a statement of cash flows for the current month. (Cash outflows should be indicated with a minus sign.) SONY ELECTRIC Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 0 Cash balance, Dec. 1 Cash balance, Dec. 31 $ 0 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started