Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of...

 

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Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Accounts Receivable Inventory Equipment Accounts Payables Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) Total sales revenue Total Expenses (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Common shares, 8,300 shares outstanding No dividends were declared or paid during 2020. Required: 1. Prepare an income statement for the year ended December 31, 2020. NUCLEAR COMPANY Income Statement For the Year Ended December 31, 2020 $26,300 13,300 91,300 46,300 55,010 2,650 153,000 100,800 ? 83,000 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Accounts Receivable Inventory Equipment Accounts Payables Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) Total sales revenue Total Expenses (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Common shares, 8,300 shares outstanding No dividends were declared or paid during 2020. Required: 1. Prepare an income statement for the year ended December 31, 2020. NUCLEAR COMPANY Income Statement For the Year Ended December 31, 2020 $26,300 13,300 91,300 46,300 55,010 2,650 153,000 100,800 ? 83,000

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