Solution:
Nuclear Company
Balance Sheet
December 31
Assets: | |
Cash | $20,000 |
Account receivable | $61,900 |
Supplies | $8,450 |
Equipment | $31,000 |
Total assets | $121,350 |
Liabilities: | |
Account payable | $46,000 |
Notes payable | $1,630 |
Total liabilities | $47,630 |
Stockholders'equity: | |
Common stock | $60,530 |
Retained earnings | $13,190 |
Total stockholders'equity | $73,720 |
Total liabilities and stockholders'equity | $121,350 |
Retained earnings (December 31) =Beginning retained earnings + net income - dividends
0 + $13,550 - $360
=$13,190
Net income = sales revenue - operating expenses - other expenses
=$97,700 - $74,500 -$9,650
=$13,550
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