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Safari File Edit View History Bookmarks Window Help ezto.mheducation.com/hm.tpx GH1 ChtSollec-CCSU42437.201640 The following information applies to the questions displayed below, Assume that you are the president of Nuclear Company. At the end of the first year of operations December 31, 2012), the following financial data for the company are avaliable: TIP: Begin by classitying each account as asset, lablity, stockholders' equity, revenue, or expense. Each account is reported on only one financial statement. Because this is the first year of operations, the beginning balance in Retained Earnings will be zero. The balance sheet includes the ending balance fTom the statement of retained earmings Accounts Payable Accounts Receivable Cash 30 $30,000 S9,500 12,000 62,280 200 Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue 57,200 8,850 88,000 8,000 References Section Break Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet [LO 1-2

Explanation / Answer

1. Statement of Income:

Less: Expenses:

2. Statement of Retained Earnings:

Net Income for the year ended 12/31/12 $21950

Retained Earnings as on 12/31/12 $21950

3. Balance Sheet as on December 31, 2012

Sales Revenue $88000

Less: Expenses:

Operating expenses 57200 Other expenses 8850 66050 Net Income $21950

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