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Sanyu Sony started a new business and completed these transactions during December.
Dec. 1 Sanyu Sony transferred $67,300 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 $1,400 cash for the December rent.
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.
5 The company purchased office supplies by paying $800 cash.
6 The company completed electrical work and immediately collected $1,100 cash for these services.
8 The company purchased $2,540 of office equipment on credit.
15 The company completed electrical work on credit in the amount of $7,000.
18 The company purchased $330 of office supplies on credit.
20 The company paid $2,540 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 $7,000 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 $580 cash for this month’s utility bill.
31 The company paid $950 cash in dividends to the owner (sole shareholder).
Prepare an income statement for the current month. sony statement

Respuesta :

Zviko

Answer:

Income statement for the month ended, December 31

Service Revenue ( $800 + $7,000 + $1,100)          $8,900

Less Expenses :

Rent Expense                                           $1,400

Salaries Expenses                                   $1,500

Utility Expenses                                         $580    ($3,480)

Net Income / (Loss)                                                  $5,420

Explanation:

First Record the transactions as follows :

Dec. 1

Cash $67,300  (debit)

Common Stock $67,300  (credit)

Dec. 2

Rent Expense  $1,400 (debit)

Cash  $1,400 (credit)

Dec. 3

Electric Equipment $14,100 (debit)

Cash $5,900 (credit)

Account Payable $8,200 (credit)

Dec. 5

Office Supplies $800  (debit)

Cash $800  (credit)

Dec. 6

Cash $1,100 (debit)

Service Revenue $1,100 (credit)

Dec. 8

Office Equipment $2,540 (debit)

Account Payable $2,540 (credit)

Dec. 15

Account Receivable $7,000 (debit)

Service Revenue $7,000 (credit)

Dec. 18

Office Supplies $330 (debit)

Account Payable $330 (credit)

Dec. 20

Accounts Payable  $2,540 (debit)

Cash  $2,540 (credit)

Dec. 24

Account Receivable $800 (debit)

Service Revenue $800 (credit)

Dec. 28

Cash $7,000 (debit)

Account Receivable $7,000 (credit)

Dec. 29

Salaries Expenses $1,500 (debit)

Cash $1,500 (credit)

Dec. 30

Utility Expenses  $580 (debit)

Cash  $580 (credit)

Dec. 31

Dividends $950 (debit)

Cash $950 (credit)

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