Required information Problem 1-9A (Algo) 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 $67,600 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 $1,700 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 $1,300 cash for these services. December 8 The company purchased $2,760 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,700. December 18 The company purchased $310 of supplies on credit. December 20 The company paid $2,760 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. ash for the work completed on December 15. December 28 The company received $6,700 December 29 The company paid the assistant's salary of $1,700 cash for this month. December 30 The company paid $510 cash for this month's utility bill. December 31 The company paid $930 cash in dividends to the owner (sole shareholder). Problem 1-9A (Algo) Part 2 and 3 2-a. Prepare the income statement for the current month. 7h Prepare the statement of retained earnings for the current month.
Required information Problem 1-9A (Algo) 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 $67,600 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 $1,700 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 $1,300 cash for these services. December 8 The company purchased $2,760 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $6,700. December 18 The company purchased $310 of supplies on credit. December 20 The company paid $2,760 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. ash for the work completed on December 15. December 28 The company received $6,700 December 29 The company paid the assistant's salary of $1,700 cash for this month. December 30 The company paid $510 cash for this month's utility bill. December 31 The company paid $930 cash in dividends to the owner (sole shareholder). Problem 1-9A (Algo) Part 2 and 3 2-a. Prepare the income statement for the current month. 7h Prepare the statement of retained earnings for the current month.
Chapter10: Financial Statements And Reports
Section: Chapter Questions
Problem 2.3C
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Question
Prepare the income statement for the current month.
Transcribed Image Text:!
Required information
Complete this question by entering your answers in the tabs below.
Required 2A Required 2B Required 2C Required 3
Prepare the income statement for the current month.
Revenues
Electrical services revenue
Total Revenues
Expenses
Rent expense
Supplies
Salaries expense
Utilities expense
SONY ELECTRIC
Income Statement
For Month Ended December 31
Total expenses
X
›› › ›
1,700
1,210 x
1,700
510✔
$
$
< Required 2A
< Prev
8,900
8,900
5,120
3,780
Required 2B
S
20
>
of 20
‒‒‒
ELE
![heck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indica-
Required information
Problem 1-9A (Algo) 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 $67,600 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 $1,700 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 $1,300 cash for these services.
December 8 The company purchased $2,760 of office equipment on credit.
December 15 The company completed electrical work on credit in the amount of $6,700.
December 18 The company purchased $310 of supplies on credit.
December 20 The company paid $2,760 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 $6,700 cash for the work completed on December 15.
December 29 The company paid the assistant's salary of $1,700 cash for this month.
December 30 The company paid $510 cash for this month's utility bill.
December 31 The company paid $930 cash in dividends to the owner (sole shareholder).
Problem 1-9A (Algo) 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.
the month](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa64123de-a4af-4006-93da-eac7f0bdcdf5%2F52602805-b060-4642-935e-53334b293663%2Fhfijpc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:heck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indica-
Required information
Problem 1-9A (Algo) 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 $67,600 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 $1,700 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 $1,300 cash for these services.
December 8 The company purchased $2,760 of office equipment on credit.
December 15 The company completed electrical work on credit in the amount of $6,700.
December 18 The company purchased $310 of supplies on credit.
December 20 The company paid $2,760 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 $6,700 cash for the work completed on December 15.
December 29 The company paid the assistant's salary of $1,700 cash for this month.
December 30 The company paid $510 cash for this month's utility bill.
December 31 The company paid $930 cash in dividends to the owner (sole shareholder).
Problem 1-9A (Algo) 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.
the month
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