December 1 December 2 December 3 Sanyu Sony transferred $65,000 cash from a personal sav name of Sony Electric. The company paid $1,000 cash for the December rent. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $800 cash. December 6 The company completed electrical work and immediately collected $1,200 cash for these services. December 8 The company purchased $2,530 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,000. December 18 The company purchased $350 of supplies on credit. December 20 The company paid $2,530 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 $5,000 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,400 cash for this month. December 30 The company paid $540 cash for this month's utility bill. December 31 Sanyu Sony withdrew $950 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.
December 1 December 2 December 3 Sanyu Sony transferred $65,000 cash from a personal sav name of Sony Electric. The company paid $1,000 cash for the December rent. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to pay the $8,200 balance in 30 days. December 5 The company purchased supplies by paying $800 cash. December 6 The company completed electrical work and immediately collected $1,200 cash for these services. December 8 The company purchased $2,530 of office equipment on credit. December 15 The company completed electrical work on credit in the amount of $5,000. December 18 The company purchased $350 of supplies on credit. December 20 The company paid $2,530 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 $5,000 cash for the work completed on December 15. December 29 The company paid the assistant's salary of $1,400 cash for this month. December 30 The company paid $540 cash for this month's utility bill. December 31 Sanyu Sony withdrew $950 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.
Chapter7: Budgeting
Section: Chapter Questions
Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...
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