Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the Financial Statements $[$LO $1-2,$ LO $1-3]$

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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 $ $39,000$

Accounts Receivable $60,850$

Cash $16,500$

Common Stock $64,530$

Dividends $290$

Equipment $38,000$

Notes Payable $1,560$

Operating Expenses $70,700$

Other Expenses $9,300$

Sales Revenue $99,900$

Supplies $9,350$

CP$1-1($Algo$)$ Part $1$

Required:

Prepare an income statement for the year ended December $31.$

TIP: Begin by classifying each account as asset, liability, stockholders$$ equity, revenue, or expense. Each account is reported on only one financial statement.