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 $67,200 cash from a personal savings account to a checking account in the name of Sony Electric. December The company paid $1,800 cash for the December rent. December 3 The company purchased $14,100 of electrical equipment by paying $5,900 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,100 cash for these services. December 8 The company purchased $2,940 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $4,600. December 18 The company purchased $310 of supplies on credit. December 20 The company paid $2,940 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 $4,600 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,800 cash for this month. F December 30 The company paid $560 cash for this month's utility bill. December 31 Sanyu Sony withdrew $970 cash from the company for personal use. -a. Prepare the income statement for the current month. b. Prepare the statement of owner's equity for the current month. c. Prepare the balance sheet as of the end of the month. Prepare the statement of cash flows for the current month.
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 $67,200 cash from a personal savings account to a checking account in the name of Sony Electric. December The company paid $1,800 cash for the December rent. December 3 The company purchased $14,100 of electrical equipment by paying $5,900 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $900 cash. December 6 The company completed electrical work and immediately collected $1,100 cash for these services. December 8 The company purchased $2,940 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $4,600. December 18 The company purchased $310 of supplies on credit. December 20 The company paid $2,940 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 $4,600 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,800 cash for this month. F December 30 The company paid $560 cash for this month's utility bill. December 31 Sanyu Sony withdrew $970 cash from the company for personal use. -a. Prepare the income statement for the current month. b. Prepare the statement of owner's equity for the current month. c. Prepare the balance sheet as of the end of the month. Prepare the statement of cash flows for the current month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $67,200 cash from a personal savings account to a checking account in the
name of Sony Electric.
December 2 The company paid $1,800 cash for the December rent.
December 3 The company purchased $14,100 of electrical equipment by paying $5,900 cash and agreeing to pay
the $8,200 balance in 30 days.
2016
December 5 The company purchased supplies by paying $900 cash.
December 6 The company completed electrical work and immediately collected $1,100 cash for these services.
December 8 The company purchased $2,940 of office equipment on credit.
December 15 The company completed electrical work on credit in the amount of $4,600.
December 18 The company purchased $310 of supplies on credit.
December 20 The company paid $2,940 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 $4,600 cash for the work completed on December 15.
December 29 The company paid the assistant's salary of $1,800 cash for this month.
December 30 The company paid $560 cash for this month's utility bill.
December 31 Sanyu Sony withdrew $970 cash from the company for personal use.
2-a. Prepare the income statement for the current month.
2-b. Prepare the statement of owner's equity 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2726b86c-9401-4962-91ce-c5e401005271%2F4024d526-02b2-4efb-9693-3cd1e47d5adc%2Ffk3wwpp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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 $67,200 cash from a personal savings account to a checking account in the
name of Sony Electric.
December 2 The company paid $1,800 cash for the December rent.
December 3 The company purchased $14,100 of electrical equipment by paying $5,900 cash and agreeing to pay
the $8,200 balance in 30 days.
2016
December 5 The company purchased supplies by paying $900 cash.
December 6 The company completed electrical work and immediately collected $1,100 cash for these services.
December 8 The company purchased $2,940 of office equipment on credit.
December 15 The company completed electrical work on credit in the amount of $4,600.
December 18 The company purchased $310 of supplies on credit.
December 20 The company paid $2,940 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 $4,600 cash for the work completed on December 15.
December 29 The company paid the assistant's salary of $1,800 cash for this month.
December 30 The company paid $560 cash for this month's utility bill.
December 31 Sanyu Sony withdrew $970 cash from the company for personal use.
2-a. Prepare the income statement for the current month.
2-b. Prepare the statement of owner's equity 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.
Transcribed Image Text:Required 2A
Required 2B Required 2C Required 3
Prepare the statement of owner's equity for the current month.
SONY ELECTRIC
Statement of Owner's Equity
For Month Ended December 31
$
S. Sony, Capital, December 1
T
S. Sony, Capital, December 31
0
< Required 2A
Required 2C
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