Problem 1-9A (Static) Analyzing transactions and preparing financial statements LO P1, P2 [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. 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 3 The company purchased supplies by paying $800 cash. December 5 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 December 20 December 24 The company purchased $350 of supplies on credit. The company paid $2,530 cash for the office equipment purchased on December 8. 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). Problem 1-9A (Static) Part 2 and 3 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. 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 Total Revenues Expenses 0 0 Total expenses $ 0 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 $ 0 0 Retained earnings, December 31 $ 0 Prepare the balance sheet as of the end of the month. SONY ELECTRIC Balance Sheet December 31 Total assets Assets Liabilities Equity SA $ Total equity 0 Total liabilities and equity 0 69 $ 0 Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities Cash flows from financing activities 0 0 $ 0 Cash balance, December 1 0 Cash balance, December 31 $ 0