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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
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 $ 26,300 13,300 91,300 Equipment 46,300 Accounts Payables 55,010 Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) 2,650 Total sales revenue Total Expenses (excluding income taxes) 153,000 100,800 Income taxes expense (at 30% of pretax earnings); all paid during 2020 Common shares, 8,300 shares outstanding ? 83,000 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 Help Seve & Exit 2. Prepare a statement of changes in equity for the year ended December 31, 2020. NUCLEAR COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2020 Common Shares Retained earnings + 3. Prepare a statement of financial position at December 31, 2020. Assets Total assets NUCLEAR COMPANY Statement of Financial Position As at December 31, 2020 Liabilities and Shareholders' Equity Liabilities: Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity
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