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 $64, 480 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 $2,889 cash for the December rent. 3 The company purchased $13,628 of electrical equipment by paying $5.400 cash and agreeing to pay the $8,268 balance in 30 days. 5 The company purchased office supplies by paying $700 cash. 6 The company completed electrical work and immediately collected $1,500 cash 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 $5,500. 18 The company purchased $440 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 $1,800 for electrical work completed; the balance is due in 30 days. 28 The company received $5,588 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,580 cash for this month. 30 The company paid $550 cash for this month's utility bill. 31 The company paid $950 cash in dividends to the owner (sole shareholder). Required: 1. Enter the amount of each transaction on Individual items of the accounting equation. (Enter reductions to accounting balances with a minus sign.) 21. Prepare an Income statement for the current month. SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Electrical fees earned Expenses Rent expense Salaries expense Utilities expense Total expenses Net income 0 0 $ 22 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 S Add: Net income 0 0 Less: Dividends Retained earnings December 31 S 0 23. Prepare a balance sheet as of the end of the month. SONY ELECTRIC Balance Sheet December 31 Liabilities Accounts payable Assets Cash Accounts receivable Office supplies Office equipment Electrical equipment Equity Common stock Retained earings Total equity 0 Total liabilities and equity 0 0 Total assets S S 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 received from customers Cash paid for supplies Cash paid for rent Cash paid to employees Cash paid for utilities $ 0 Net cash provided by operating activities Cash flows from investing activities Cash paid for office equipment Cash paid for electrical equipment 0 Net cash used by investing activities Cash flows from financing activities Cash investment from shareholder Cash dividend to shareholder 0 0 $ Net cash provided by financing activities Net increase in cash Cash balance, Dec 1 Cash balance, Dec 31 0 $ 0