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Please help with this question... (ignore the numbers in the columns those arent correct) P1-1 Preparing a Statement of Earnings and a Statement of Financial
Please help with this question... (ignore the numbers in the columns those arent correct)
P1-1 Preparing a Statement of Earnings and a Statement of Financial Position L01-1 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: $ 25,700 12,700 90, 700 45,700 59,330 Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise 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 Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Contributed capital, 7,700 shares outstanding 2,350 147,000 95,400 ? 77,000 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 $ Total sales revenue Total expenses, excluding income taxes Earnings before income taxes Income tax expense Net earnings 147,000 95,400 51,600 12,700 38,900 S 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 Contributed capital Balance, January 1, 2020 $ Issuance of shares 0 90,700 $ 90,700 Balance, December 31, 2020 Retained earnings Balance, January 1, 2020 Net earnings $ 0 90,700 Balance, December 31, 2020 $ 36,540 3. Prepare a statement of financial position at December 31, 2020. NUCLEAR COMPANY Statement of Financial Position As at December 31, 2020 Assets Total assets $ 0 Liabilities and Shareholders' Equity Liabilities: Total liabilities $ 0 Shareholders' equity: 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0Step by Step Solution
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