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Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet and Interpreting the Financial...

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Accounting

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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[The following information applies to the questions displayed below.]
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
CP1-1(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.

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