Preparing an Income Statement Statement of Retained Earnings

Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the Financial Statements [LO 1-2, LO 1-3] The following information applies to the questions displayed below] 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: $41,000 61,150 17,500 65,030 310 36,000 1,580 67000 9.400 91,400 7650 Cash Common Stock ds Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies References Preparing an Income Statement, Statement of Retained Eanings, and Balance Sheet and Interpreting the Finarn Statements [LO 1-2, LO 1-3 Section Break

Solution

The following is the income statement:

The following is the retained earnings statement:

3.The following is the balance sheet:

Sales revenue	91,400
expenses
operating expenses	67,000
other expenses	9,400
Total expenses	76,400
Net income (91,400-76,400)	15,000