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Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare the income statement for the current month. SONY ELECTRIC Income Statement For Month Ended December 31 Revenues Electrical services revenue 7,100 0 7,100 Total Revenues Expenses Rent expense Salaries expense Utilities expense >> 1,000 1,400 540 0 0 Total expenses Net income 2,940 4,160 A Required 2A Required 2B > ! Required information (The following information applies to the questions displayed below.) Sanyu Sony started a new business and completed these transactions during December. December 1 Sanyu Sony transferred $65,000 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 $1,000 cash for the December rent. December 3 The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $800 cash. December 6 The company completed electrical work and immediately collected $1,200 cash for these services. December 8 The company purchased $2,530 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,000. December 18 The company purchased $350 of supplies on credit. December 20 The company paid $2,530 cash for the office equipment purchased on December 8. December 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. December 28 The company received $5,000 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,400 cash for this month. December 30 The company paid $540 cash for this month's utility bill. December 31 The company paid $950 cash in dividends to the owner (sole shareholder). 2-a. Prepare the income statement for the current month. 2-b. Prepare the statement of retained earnings for the current month. 2-c. Prepare the balance sheet as of the end of the month. 3. Prepare the statement of cash flows for the current month. 3. Prepare the statement of cash flows for the current month. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 20 Required 3 Prepare the statement of retained earnings for the current month. SONY ELECTRIC Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 Add: Net income 0 4,160 0 4,160 950 3,210 Less: Dividends Retained earnings, December 31 $ Prepare the 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 paid for rent $ (1,000) Cash paid for supplies (800) Cash received from customers 6,200 Cash paid for utilities (540) Cash paid to employees (1,400) >> 0 $ 2,460 Cash flows from investing activities Cash paid for electrical equipment Cash paid for office equipment (4,800) (2,530) 0 0 (7,330) Cash flows from financing activities Cash investment from shareholder Cash dividend to shareholder 65,000 (950) 0 $ Net cash provided by financing activities Net increase in cash Cash balance, December 1 Cash balance, December 31 64,050 59,180 0 59,180 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 20 Required 3 Prepare the balance sheet as of the end of the month. Assets Cash Supplies Electrical equipment Office equipment Accounts receivable SONY ELECTRIC Balance Sheet December 31 Liabilities $ 59,180 Accounts payable 1,150 13,000 Total liabilities 2,530 Equity 900 Common stock 0 Retained earnings $ 8,550 0 8,550 OOO 65,000 3,210 0 0 0 Total equity Total liabilities and equity 68,210 $ 76,760 Total assets $ 76,760