Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare the income statement for the current month. Dranara tho incamo ctatamant far tho cilrrant mnnth Sanyu Sony started a new business and completed these

Prepare the income statement for the current month.
image text in transcribed
image text in transcribed
Dranara tho incamo ctatamant far tho cilrrant mnnth Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $67,600 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 $1,700 cash for the December rent. December 3 The company purchased $14,100 of electrical equiptent by paying $5,900 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900cash. December 6 The company completed electrical work and immediately collected $1,300 cash for these services. December 8 The company purchased $2,760 of office equipment on eredit. December 15 The company completed electrical work on credit in the amount of $6,700. December 18 The company purchased $310 of supplies on eredit. December 20 The company paid $2,760 cash for the office equiptent purchased on December 8. December 24 The company billed a elient $900 for electrical vork completed; the balance in due in 30 days. December 28 The company received $6,700 cash for the work completed on December 15 . December 29 The company paid the assiatant's salary of $1,700 eash for this month. December 30 The company paid $510 cash for this month's utility bill. Decenber 31 The company paid $930 cash in dividends to the owner (sole ahareholder)

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

Aat Management Accounting Budgeting

Authors: BPP Learning Media

1st Edition

1509718400, 978-1509718405

More Books

Students also viewed these Accounting questions

Question

Identify five strategies to prevent workplace bullying.

Answered: 1 week ago