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.		1		Sanyu Sony transferred $67,800 cash from a personal savings account to a checking account in the name of Sony Electric.
		2		The company rented office space and paid $1,500 cash for the December rent.
		3		The company purchased $13,100 of electrical equipment by paying $4,900 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 $1,400 cash for these services.
		8		The company purchased $2,630 of office equipment on credit.
		15		The company completed electrical work on credit in the amount of $6,200.
		18		The company purchased $320 of office supplies on credit.
		20		The company paid $2,630 cash for the office equipment purchased on December 8.
		24		The company billed a client $800 for electrical work completed; the balance is due in 30 days.
		28		The company received $6,200 cash for the work completed on December 15.
		29		The company paid the assistants salary of $1,500 cash for this month.
		30		The company paid $520 cash for this months utility bill.
		31		Sanyu Sony withdrew $940 cash from the company for personal use.

Problem 1-9A Part 2 and 3

2.1. Prepare an income statement for the current month.

2.2. Prepare a statement of owner's equity for the current month.

2.3. Prepare a balance sheet as of the end of the month.

3. Prepare a statement of cash flows for the current month. (Cash outflows should be indicated with a minus sign.)

SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Total Revenues Expenses Total expenses SONY ELECTRIC Statement of Owner's Equity For Month Ended December 31 S. Sony, Capital, December 1 0 S. Sony, Capital, December 31 SONY ELECTRIC Balance Sheet December 31 Assets Liabilities Equity Total assets S 0 Total liabilities and equity S SONY ELECTRIC Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash balance, Dec. 1 Cash balance, Dec. 31