! 4 Part 3 of 3 Required information [The following information applies to the questions displayed below.] Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available: Cash Receivables from customers (all considered collectible) 20 points 00:37:43 Skipped $ 13,150 11,700 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 31,000 70,000 Accounts payable owed to suppliers 33,100 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue 1,900 108,000 Expenses, including the cost of the merchandise sold (excluding income taxes) 72,500 Income tax expense at 30% pretax income; all paid during December of the current year Common stock at the end of the current year ? 66,000 No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations.