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. 1 Sanyu Sony transferred $66,000 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 $1,400 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 $800 cash. 6 The company completed electrical work and immediately collected $1,000 cash for these services. 8 The company purchased $2,920 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5, 100. 18 The company purchased $500 of office supplies on credit. 20 The company paid $2,920 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 $5, 100 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,900 cash for this month. 30 The company paid $600 cash for this month' s utility bill. 31 The company paid $940 cash in dividends to the owner (sole shareholder). Problem 1-9 A Part 2 and 3 2.1. Prepare an income statement for the current month. 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 Retained earnings, December 31 2.3. Prepare a balance sheet as of the end of the month. SONY ELECTRIC Balance Sheet December 31 Assets Liabilities Equity Total equity 0 Total liabilities and equity Total assets $ $ 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 Cash flows from investing activities Cash flows from financing activities Cash balance, Dec. 1 Cash balance, Dec. 31 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. 1 Sanyu Sony transferred $66,000 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 $1,400 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 $800 cash. 6 The company completed electrical work and immediately collected $1,000 cash for these services. 8 The company purchased $2,920 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5, 100. 18 The company purchased $500 of office supplies on credit. 20 The company paid $2,920 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 $5, 100 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,900 cash for this month. 30 The company paid $600 cash for this month' s utility bill. 31 The company paid $940 cash in dividends to the owner (sole shareholder). Problem 1-9 A Part 2 and 3 2.1. Prepare an income statement for the current month. 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 Retained earnings, December 31 2.3. Prepare a balance sheet as of the end of the month. SONY ELECTRIC Balance Sheet December 31 Assets Liabilities Equity Total equity 0 Total liabilities and equity Total assets $ $ 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 Cash flows from investing activities Cash flows from financing activities Cash balance, Dec. 1 Cash balance, Dec. 31