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Chapter 1 Hv × ?D https://utsa b × DMS1023on. × DMS1023CY 1 × D https://utsat × MUTSAColle C O ezto.mheducation.com/hm.tpx Preparing an Income Statement, Statement of Retained Earnings, and Balance Shee IThe following information applies to the questions displeyed below,J 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 Accounts Recelvable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 49,000 62,350 21,500 61,280 390 34,000 1,660 79,000 9,800 104,000 8,900 References

Solution

NUCLEAR COMPANY INCOME STATEMENT for the year ended December 31. Revenues: Sales Revenue $ 1,04,000 Expenses: Operating Expenses $     79,000 Other Expenses $        9,800 Total Expenses $     88,800 Net Income $     15,200 NUCLEAR COMPANY Statement of Retained Earnings for the year ended December 31. Retained earnings, January 1 $                -   Add: Net income $     15,200 Less: Dividens $ 390 Retained earnings December 31 $     14,810 NUCLEAR COMPANY Balance Sheet as on December 31. Assets Cash $     21,500 Accounts Receivable $     62,350 Supplies $        8,900 Equipment $     34,000 Total Assets $ 1,26,750 Liabilities and Stockholder\'s Equity Notes Payable $        1,660 Accounts Payable $     49,000 Common stock $     61,280 Retained Earnings $     14,810 Total Liabilities and Stockholder\'s Equity $ 1,26,750