Assume that Craig Reed is the sole proprietor of Nuclear Company. At the end of the first year of operations (December 31, 2010), the following financial data for the company are available:

Mr. Reed invested $87,000 in cash to start up the business at the beginning of 2010. He withdrew $15,270 in cash from the business during 2010.
Required:
1. Prepare an income statement for the year ended December 31, 2010.
2. Prepare a statement of owner's equity for the year ended December 31, 2010.
3. Prepare a balance sheet at December 31, 2010.

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$ 25,000 12,00X) Service Revee Notes Payable 90,000Wages Expense 57,370 Other Expenses $2,000 140,000 60,000 45,000Advertising Expense 1,100 Cash Accounis Receivbl rom customers) Equipment Accounts Payable (to suppliers)