Assume that you are the president of Nuclear Company. At the end of the first year of

Question:

Assume that you are the president of Nuclear Company. At the end of the first year of operations (December 31), the following financial data for the company are available:
Accounts Payable……………………… $ 30,000
Accounts Receivable…………………….. 59,500
Cash…………………………………….... 12,000
Common Stock…………………………... 62,280
Dividends…………………………………… 200
Equipment……………………………….. 36,000
Notes Payable…………………………….. 1,470
Operating Expenses……………………... 57,200
Other Expenses…………………………… 8,850
Sales Revenue…………………………… 88,000
Supplies…………………………………… 8,000
Required:
1. Prepare an income statement for the year ended December 31.
2. Prepare a statement of retained earnings for the year ended December 31.
3. Prepare a at December 31. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...