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Required Information (The following information applies to the questions displayed below! Assume you are the president of Nuc

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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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