Homework Answers
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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