Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [ The following information applies to the questions displayed below. ] Sanyu Sony started a new business and completed these transactions during December.
Required information
The following information applies to the questions displayed below.
Sanyu Sony started a new business and completed these transactions during December.
December Sanyu Sony transferred $ cash from a personal savings account to a checking account in the
name of Sony Electric in exchange for its common stock.
December The company paid $ cash for the December rent.
December The company purchased $ of electrical equipment by paying $ cash and agreeing to pay
the $ balance in days.
December The company purchased supplies by paying $ cash.
December The company completed electrical work and immediately collected $ cash for these services.
December The company purchased $ of office equipment on credit.
December The company completed electrical work on credit in the amount of $
December The company purchased $ of supplies on credit.
December The company paid $ cash for the office equipment purchased on December
December The company billed a client $ for electrical work completed; the balance is due in day.
December The company received $ cash for the work completed on December
December The company paid the assistant's salary of $ cash for this month.
December The company paid $ cash for this month's utility bill.
December The company paid $ cash in dividends to the owner sole shareholder
a Prepare the income statement for the current month.
b Prepare the statement of retained earnings for the current month.
c Prepare the balance sheet as of the end of the month.
Prepare the statement of cash flows for the current month.
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