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P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you...

P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nucl

Required: 1. Prepare a summarized statement of earnings for the year ended December 31, 2020. NUCLEAR COMPANY Summary Stateme

2. Prepare a statement of changes in equity for the year ended December 31, 2020. NUCLEAR COMPANY Statement of Shareholders

3. Prepare a statement of financial position at December 31, 2020. NUCLEAR COMPANY Statement of Financial Position As at Dece

P1-1 Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Payables to suppliers of merchandise Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Contributed capital, 7,200 shares outstanding $ 25,200 12,200 90,200 45,200 62,930 2,100 142,000 90,900 ? 72,000 No dividends were declared or paid during 2020. Required: 1. Prepare a summarized statement of earnings for the year ended December 31, 2020. NUCI FAR COMPANY ey 1 of 2 Next > to search O D
Required: 1. Prepare a summarized statement of earnings for the year ended December 31, 2020. NUCLEAR COMPANY Summary Statement of Earnings For the Year Ended December 31, 2020 Earnings before income taxes Income tax expense Total expenses excluding income taxes Total sales revenue Net earnings $ 154,200 27.270 126.930 142.000 (15,070) $
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 Contributed capital Balance, January 1, 2020 S 25.200 Issuance of shares 153 130 Net earnings 15.070 Balance December 31, 2020 Retained earnings Balance January 1, 2020 Dividends Net earnings Balance December 31 2020
3. Prepare a statement of financial position at December 31, 2020. NUCLEAR COMPANY Statement of Financial Position As at December 31, 2020 Assets Total assets 0 Liabilities and Shareholders Equity Liabilities Total liabilities Shareholders' equity Total shareholders' equity Tota pities and shareholders' equity
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ReportAnswer #1

1)

Nuclear Company

Summary statement of earnings

For the year ended December 31, 2020

Total Sales 142,000
Less : Expenses including the cost of merchandise sold 90,900
Net Income before tax 51,100
Less: Income tax expense (30% X 51,100) 15,330
Net Income after tax 35,770

2)

Nuclear Company

Statement of shareholder's equity

For the year ended December 31 , 2020

Contributed capital [Balance of shareholder's equity on January 1 , 2020] 72,000
Add: Net Income after tax 35,770
Sub total 107,770
Less: Dividend declared and paid Nil
Balance of shareholder's equity on December 31 ,2020 107,770

3)

Nuclear Company

Balance Sheet

As on December 31 ,2020

Assets :
Cash 25,200
Accounts Receivable 12,200
Inventory 90,200
Equipment , net 45,200
Total Assets 172,800
Liabilities and shareholder's equity :
Liabilities :
Accounts Payable 62,930
Salaries Payable 2,100
Total liabilities 65,030
Shareholder's equity :
Balance of shareholder's equity on December 31 ,2020 107,770
Total Liabilities and shareholder's equity 172,800

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