2 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 Receivables from customers (all considered collectible). $ 25,300 12,300 2:50:09 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 90,300 45,300 Payables to suppliers of merchandise 62,210 Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) 2,150 look Total sales revenue. 143,000 Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 91,800 2 73,000 Contributed capital, 7,300 shares outstanding No dividends were declared or paid during 2020. Required: 1. Prepare a summarized statement of earnings for the year ended December 31, 2020. NUCLEAR COMPANY Summary Statement of Earnings For the Year Ended December 31, 2020 03 2 02:57:56 No dividends were declared or paid during 2020. Required: 1. Prepare a summarized statement of earnings for the year ended December 31, 2020. NUCLEAR COMPANY Summary Statement of Earnings For the Year Ended December 31, 2020 eBook) 2 2. Prepare a statement of changes in equity for the year ended December 31, 2020. 02:57.50 NUCLEAR COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2020 Contributed capital eBook Retained earnings 2 3. Prepare a statement of financial position at December 31, 2020. NUCLEAR COMPANY Statement of Financial Position As at December 31, 2020 Assets 02:57:37 eBook Total assets Liabilities and Shareholders' Equity Liabilities: Total abilities Shareholders' equity