1 10 points P1-1 (Algo) 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, the end of the first year of operations, the following financial data for the company are available: Cash $ 25,600 Receivables from customers (all considered collectible) 12,600 Book Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less portion used 90,600 45,600 Payables to suppliers of merchandise 60,050 Print Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 2,300 Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during the current 146,000 94,500 2 year References 76,000 Contributed capital, 71600 shares outstanding No dividends were declared or paid during the current year. Required: 1. Prepare a statement of earnings for the year ended December 31 NUCLEAR COMPANY Summary Statement of Earnings For the Year Ended December 31, Current Year Total sales revenue Total expenses, excluding income taxes Earnings before income taxes Income tax expense Net earnings S 146.000 94,500 $1,500 15,450 $ 36,050