Preparing an Income Statement and a Statement of Financial Position Assume that you are the president of Nuclear Company. At December 31, 2011, the end of the first year of operations, the following financial data for the company are available

Required (show computations):
1 Prepare a summarized income statement for the year ended December \(31,2011\).
2 Prepare a statement of financial position at December \(31,2011\).

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Cash $ 25,000 Receivables from customers (all considered collectable) 12,000 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 90,000 45,000 Payables to suppliers of merchandise 47,370 Salary payable for 2011 (on December 31, 2011, this was owed to an employee who was away because of an emergency and returned to work on January 10, 2012, at which time the payment was made) Total sales revenue 2,000 140,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 89,100 Income taxes expense (at 30% of pretax profit); all paid during 2011 Share capital, 7,000 shares outstanding 87,000 No dividends were declared or paid during 2011.