Question

Check my wor 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 $66,300 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company rented office space and paid $1,500 cash for the December rent. 3. The company purchased $14,800 of electrical equipment by paying $6, 6.00 cash and agreeing to pay the $8,200 balance in 30 days... 5 The company purchased office supplies by paying $700 cash. 6 The company completed electrical work and immediately collected $1,800 cash for these services. 8 The company purchased $2,690 of office equipment on credit. 15 The company completed electrical work on credit in the amount of $6,300. 18 The company purchased $430 of office supplies on credit. 20 The company paid $2,690 cash for the office equipment purchased on December 8. 24 The company billed a client $800 for electrical work completed; the balance is due in 30 days. 28 The company received $6,300 cash for the work! completed on December 15. 29 The company paid the assistant's salary of $1,500 cash for this month. 30 The company paid $530 cash for this month's utility bill. 31 Sanyu Sony withdrew $920 cash from the company, for personal use. 2 Neyt

Answer 1

INCOME STATEMENT

PARTICULAR	DETAILS	$
REVENUE
Maintenance Services revenue	8,900
Total Revenue		8,900
EXPENSES
Office rent expense	1,500
Office supplies	1,130
Salary to assistant	1,500
Utility bill	530
Total expenses		4,660
NET INCOME BEFORE TAX		4,240

OWNER'S EQUITY

PARTICULAR	$
OWNER'S EQUITY
Sanyu Sony	66,300
S. Sony, Capital, December 31	66,300

BALANCE SHEET

ASSETS	$	LIABILITIES	$
Cash	60,760	Creditor (electrical equipment)	8,200
Electrical Equipment	14,800	Creditor (office supplies)	430
Office Equipment	2,690
		EQUITY
		Sanyu Sony	66,300
		Withdrawals	-920
		Net profit	4,240
		Total Equity	69,620
	78250		78,250

CASH FLOW STATEMENT

PARTICULAR	DETAILS	$
CASH FLOW FROM OPERATING ACTIVITIES
Net Earnings	4,240
Additions to Cash
Increase in account payables	8,630
Subtractions from Cash
Increase in Inventory	0
Net Cash used in operating activities		12,870
CASH FLOW FROM INVESTING ACTIVITIES
Office equipment	-2,690
Electrical equipment	-14,800
Net cash used in investing activities		-17,490
CASH FLOW FROM FINANCING ACTIVITIES
Capital infusion	66,300
Withdrawals	-920
Net cash flow from financing activities		65,380
NET INCREASE IN CASH & CASH EQUIVALENTS		60,760
Opening balance of C & C equivalents		0
CLOSING BALANCE OF C & C EQUIVALENTS		60,760