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Problem 1-8A Analyzing transactions and preparing financial statements C4 P1 P2 Helga Ander started a new business and completed these transactions during December. Dec. Helga Ander transferred $65,000 cash from a personal savings account to a checking account in the name of Ander Electric in exchange for its common stock 2 ffice space and paid $1,000 cash for the December rent. The 3 company rented o The company purchased $13,000 of electrical equipment by paying $4,800 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 $1,200 cash for these services. mhhe.com/wildFINMANSe 8 The company purchased $2,530 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $5,000. 18 The company pu 20 The company paid $2,530 cash for the office equipment purchased on December 8. 24 The company billed a client $900 for electrical work completed; the balance is due in 30 days. 28 The 29 The company paid the assistant's salary of $1,400 cash for this month. 30 The company paid $540 cash for this month's utility bill 31 The company paid $950 cash in dividends to the owner (sole shareholder) rchased $350 of office supplies on credit. company received $5,000 cash for the work completed on December 145 Required 1. Arrange the following asset, liability, and equity titles in a table like Exhibit 1.9: Cash; Accounts Re- ceivable; Office Supplies; Office Equipment; Electrical Equipment; Accounts Payable; Common Stock; Dividends; Revenues; and Expenses. ing equation. Show new balances after each transaction. ment, a statement of retained earnings, and a statement of cash flows-each of these for the current Total assets, $76,760 2. Use additions and subtractions to show the effects of each transaction on the accounts in the accout Check (2) Ending balances: Cash, $59,180, Accounts Payable, $8,550 3. Use the increases and decreases in the columns of the table from part 2 to prepare an income state- (3) Net income, $4,160; month. Also prepare a balance sheet as of the end of the month. Analysis Component 4. Assume that the owner investment transaction on December 1 was $49,000 cash instead of $65,000 and that Ander Electric obtained another $16,000 in cash by borrowing it from a bank. Explain the effect of this change on total assets, total liabilities, and total equity