Assume that you are the president of Nuclear Company. At December 31, 2017, 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 December 31, 2017.2.?Prepare a statement of financial position at?December?31,?2017.3. How would a creditor make use of the information on receivables from customers and the payables to suppliers of merchandise?

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$ 25,000 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 2017 (on December 31, 2017, this was owed to an employee, but the amount was not paid until January 10, 2018) 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 2017 Contributed capital, 7,000 shares outstanding No dividends were declared or paid during 2017. 12,000 90,000 45,000 47,370 2,000 140,000 89,100 87,000