Assume 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 Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $32, eee 59,800 13, eee 62,780 220 31,800 1,490 60,200 8,950 85, 2ee 8, 3ee TIP: Begin by classifying each account as asset, liability, stockholders' equity, revenue, or expense. Each account is reported on only one financial statement. NUCLEAR COMPANY Income Statement For the Year Ended December 31 Revenues 0 Expenses 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Because this is the first year of operations, the beginning balance in Retained Earnings will be zero. NUCLEAR COMPANY Statement of Retained Earnings Retained Earnings, January 1 Retained Earnings, December 31 3. Prepare a balance sheet at December 31. TIP: The balance sheet includes the ending balance from the statement of retained earnings. NUCLEAR COMPANY Balance Sheet ! Required information 0 0 0 $ 0