Question

! Required information Problem 1-9A Analyzing transactions and preparing financial statements LO C4, P1, P2 [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 $65,000 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company rented office space and paid $1,000 cash for the December rent. 3. 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. 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 purchased $350 of office supplies 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 $5,000 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 $540 cash for this month's utility bill. 31 Sanyu Sony withdrew $950 cash from the company for personal use.

Answer 1

Please hit LIKE button if this helped. Part 2.1 Income Statement $ 7,100 Revenues: Electrical fees earned Less: Expenses: Rent expense Salaries expense Utilities expense Total expenses Net income $ 1,000 $ 1,400 $ 540 $ 2,940 $ 4,160 Part 2.2 Owner's Equity S. Sony, Capital, December 1 Add: Investment by owner Net income $ $ 65,000 $ 4,160 $ 69,160 $ 950 $ 68,210 Less: Withdrawals by owner S. Sony, Capital, December 31 Part 3 Cash Flow Statement Cash flows from operating activities Cash received from customers ($1,200 + $5,000) Cash paid for rent Cash paid for supplies Cash paid for utilities Cash paid to employees Net cash provided by operating activities $ 6,200 $ -1,000 $ -800 $ -540 $ -1,400 $ 2,460 Cash flows from investing activities Purchase of office equipment Purchase of electrical equipment Net cash used by investing activities $ -2,530 $ -4,800 $ -7,330 Cash flows from financing activities Investments by owner Withdrawals by owner Net cash provided by financing activities $ 65,000 $ -950 $ 64,050 $ 59,180 Net increase in cash Cash balance, Dec. 1 Cash balance, Dec. 31 $ $ 59,180