Question

sanyu Sony transferred 67100

Check my 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 $67,100 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 $1,800 cash for the December rent. 3 The company purchased $14,600 of electrical equipment by paying $6,400 cash and agreeing to pay the $8,200 balance in 30 days. 5 The company purchased office supplies by paying $1,000 cash. 6 The company completed electrical work and immediately collected $1,400 cash for these services. 8 The company purchased $2,530 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $6,900. 18 The company purchased $310 of office supplies on credit. 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 company received $6,900 cash for the work completed on December 15. 29 The company paid the assistant's salary of $1,400 cash for this month. 30 The company paid $580 cash for this month's utility bill. 31 The company paid $910 cash in dividends to the owner (solo shareholder). - Prepare an income statement for the current month. . Prepare a statement of retained earnings for the current month. - Prepare a balance sheet as of the end of the month. Prepare a statement of cash flows for the current month. Complete this question by entering your answers in the tabs below. Required 2A Required 2B Required 2C Required 3 Prepare an income statement for the current month. SONY FIFCTRIC

Answer 1

Sanyu Sony Journal Enteries Date Particulars Dec-01 Cash a/c Dr. To Sanyu Sony, Capital (Capital Invested) Debit in $ Credit in $ 67100 67100 1800 Dec-02 Rent Expense a/c Dr. To Cash (Rent paid for december) 1800 14600 Dec-03 Equipment a/c Dr. To Cash To Accounts Payable (Equipment purchased) 6400 8200 Dr. 1000 Dec-05 Office Supplies a/c To Cash (Supplies purchased) 1000 1400 Dec-06 Cash a/c Dr. To Service Revenue (Services for cash) 1400 2530 Dec-08 Office Equipment a/c Dr. To Accounts Payable (Equipment on account) 2530 6900 Dec-15 Accounts Receivable a/c Dr. To Sales Revenue (Record sales for the month.) 6900

Date Particulars Dec-18 Office Supplies a/c Dr. To Accounts Payable (Supplies on credit) Debit in $ Credit in $ 310 310 2530 Dec-20 Accounts Payable a/c Dr. To Cash (Creditors paid) 2530 900 Dec-24 Accounts Receivable a/c Dr. To Sales Revenue (Record sales for the month.) 900 Dr. 6900 Dec-28 Cash a/c To Accounts Receivable (Cash received from debtors) 6900 Dr. 1400 Dec-29 Salary Expense a/c To Cash (Salary paid) 1400 Dr. 580 580 Dec-30 Utility Expense a/c To Cash (Expense paid) 580 910 Dec-31 Sanyu Sony, Withdrawals a/c Dr. To Cash (Cash used for personal use) 910

Trial Balance For the Month ending December 31 Particulars Cash Accounts Receivable Office Supplies Electrical Equipment Office Equipment Accounts Payable Sanyu Sony, Capital Sanyu Sony, Withdrawals Service Revenue Rent Expense Salary Expense Utility Expense Totals Debit in $ Credit in $ 60780 900 1310 14600 2530 8510 67100 910 9200 1800 1400 580 84810 84810 9200 Statement of Income For the Month ending December 31 Service Revenue Less: Rent Expense Salary paid Utility Expense Net Income 1800 1400 580 3780 5420 Statement of Owner's Equity For the Month ending December 31 Sanyu Sony, Capital Net Income 67100 5420 72520 -910 71610 Sanyu Sony, Withdrawals

Balance sheet As at 31.12.2021 Assets Current Assets Cash Accounts Receivable Office Supplies Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Current Liabilities 60780 Accounts Payable 8510 900 1310 62990 Non Current Assets Electrical Equipment Office Equipment Total Assets 14600 2530 Owner's Equity 17130 Sanyu Sony, Capital 80120 Total Liabilities & Equity 71610 80120 0

5420 Statement of Cashflows For the Month ending December 31 Cashflow from Operating Activity Net Income Adjustments: Increase in Accounts Receivable Increase in Office Supplies Increase in Accounts Payable Cash generated from Operating Activity -900 - 1310 8510 6300 11720 Cashflow from Investing Activity Office Equipment Electrical Equipment purchased Cash used for Investing Activity -2530 -14600 -17130 -910 67100 Cashflow from Financing Activity Sanyu Sony, Withdrawals Capital Cash generated from Financing Activity Net Incrase in Cash Beginning Cash Balance Ending Cash Balance 66190 60780 60780