Assume that you are the president of McClaren Corporation. At June 30, 2018, the end of the first year of operations, the following financial data for the company are available:

Required

1. Prepare a summarized statement of earnings for the year ended June 30, 2018.2.?Prepare?a?statement?of financial?position?as?at?June?30, 2018.3. How would a creditor make use of the information on receivables from customers and the payables to suppliers of merchandise?

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Cash $13,150 Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment used in the business Payables to suppliers of merchandise Salary payable for 2018 (on June 30, 2018, this was owed to an employee, but the amount was not paid until July 7, 2018) 9,500 57,000 36,000 31,500 1,500 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 2018 Contributed capital, 5,000 shares outstanding No dividends were declared or paid during 2018. 90,000 60,500