exam questions 7

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 Equipment Accounts Payables Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) Total sales revenue Total Expenses(excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Common shares, 8,eee shares outstanding 126,090 13,000 91,008 46,000 57,170 8:46 2,500 150,000 98,100 ? 80,000 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 2. Prepare a statement of changes in equity for the year ended December 31, 2020, 8:18 NUCLEAR COMPANY Statement of Shareholders' Equity For the Year Ended December 31, 2020 Common Shares Retained earings 3. Prepare a statement of financial position at December 31, 2020 NUCLEAR COMPANY Statement of Financial Position As at December 31, 2020 Assets 58:03 Total assets Liabilities and Shareholders' Equity Liabilities Total liabilities Shareholders' equity TE