Required information [The following information applies to the questions displayed below.] Assume you are the president of Nuclear Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Notes Payable Operating Expenses Other Expenses Sales Revenue Supplies $ 50,000 61,500 22,000 61,530 400 35,000 1,670 80,500 9,050 105,100 9,050 Required: 1. Prepare an income statement for the year ended December 31, TIP: Begin by classifying each account as asset, liability, stockholders' equity, revenue, or expense. Each account is reported on only one financial statement. NUCLEAR COMPANY Income Statement (Pr
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![ni
Required information
[The following information applies to the questions displayed below.]
Assume you are the president of Nuclear Company. At the end of the first year of operations (December 31), the following
financial data for the company are available:
Accounts Payable
Accounts Receivable
Cash
Common Stock
Dividenda
Equipment
Notes Payable
Operating Expenses
Other Expensee
Sales Revenue
Supplies
$ 50,000
61,500
22,000
61,530
400
35,000
1,670
80,500
9,050
105,100
9,050
Required:
1. Prepare an income statement for the year ended December 31,
TIP: Begin by classifying each account as asset, liability, stockholders' equity, revenue, or expense. Each account is reported on only
one financial statement.
NUCLEAR COMPANY
Income Statement
Pre
252Fm](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F951fc02d-8cbe-434a-855c-ff90dea82e83%2Fe0dc2c0b-db34-4ae1-a86b-13fc281bba06%2Fwrhnuxo_processed.jpeg&w=3840&q=75)
Step by step
Solved in 3 steps
