Question: need help with 2 a, b, c and 3 Required information [The following information applies to the questions displayed below.) Sanyu Sony started a new
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 $67,200 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 $1,200 cash for the December rent. 3 The company purchased $13,500 of electrical equipment by paying $5,300 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $900 cash. 6 The company completed electrical work and inmediately collected $1,600 cash for these services. 8 The company purchased $2,680 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $4,400. 18 The company purchased $360 of office supplies on credit. 20 The company paid $2,688 cash for the office equipment purchased on December 8. 24 The company billed a client $880 for electrical work completed; the balance is due in 30 days. 28 The company received $4,400 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,800 cash for this month. 30 The company paid $510 cash for this month's utility bill. 31 The company paid $980 cash in dividends to the owner (sole shareholder). 2-a. Prepare an income statement for the current month. 2-b. Prepare a statement of retained earnings for the current month. 2-c. Prepare a balance sheet as of the end of the month. 3. Prepare a statement of cash flows for the current month
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
