sub question 1 and 2 Assume that you are the controller of Nuclear Company. At December 31, 2020, the endfinancial data for the company are available:the first year of operations, the following$ 26,50013,500CashAccounts ReceivableInventoryEquipmentAccounts PayablesSalary payable for 20e20 (on December 31, 2020, this was owed to an employee, but theamount was not paid until January 10, 2021)Total sales revenueTotal Expenses(excluding income taxes)Income taxes expense (at 30% of pretax earnings); all paid during 2020Common shares, 8,500 shares outstanding91,50046,50053,5702,750155,000102,60085,000No dividends were declared or paid during 2020.Required:1. Prepare an income statement for the year ended December 31, 2020.NUCLEAR COMPANYIncome StatementFor the Year Ende acember 31, 2020 2. Prepare a statement of changes in equity for the year ended December 31, 2020.NUCLEAR COMPANYStatement of Shareholders EquityFor the Year Ended December 31, 2020Common SharesRetained earnings

Financial statement: Financial statements are organized summaries of detailed information about the…

Answered: 2. Prepare a statement of changes in…

2. Prepare a statement of changes in equity for the year ended December 31, 2020. NUCLEAR COMPANY Statement of Shareholders Equity For the Year Ended December 31, 2020 Common Shares Retained earnings

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11PB: You are the accountant for Trumpet and Trombone Manufacturing, Inc. and you oversee the preparation...

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sub question 1 and 2

Assume that you are the controller of Nuclear Company. At December 31, 2020, the end
financial data for the company are available:
the first year of operations, the following
$ 26,500
13,500
Cash
Accounts Receivable
Inventory
Equipment
Accounts Payables
Salary payable for 20e20 (on December 31, 2020, this was owed to an employee, but the
amount was not paid until January 10, 2021)
Total sales revenue
Total Expenses(excluding income taxes)
Income taxes expense (at 30% of pretax earnings); all paid during 2020
Common shares, 8,500 shares outstanding
91,500
46,500
53,570
2,750
155,000
102,600
85,000
No dividends were declared or paid during 2020.
Required:
1. Prepare an income statement for the year ended December 31, 2020.
NUCLEAR COMPANY
Income Statement
For the Year Ende acember 31, 2020

2. Prepare a statement of changes in equity for the year ended December 31, 2020.
NUCLEAR COMPANY
Statement of Shareholders Equity
For the Year Ended December 31, 2020
Common Shares
Retained earnings

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