Assume that 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... $ 30,000
Accounts Receivable... 59,500
Cash.... 12,000
Common Stock... 62,280
Dividends... 200
Equipment... 36,000
Notes Payable... 1,470
Operating Expenses... 57,200
Other Expenses... 8,850
Sales Revenue...88,000
Supplies... 8,000
Required:
1. Prepare an income statement for the year ended December 31.
2. Prepare a statement of retained earnings for the year ended December 31.
3. Prepare a balance sheet at December 31.