B 1:13 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) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 25% x pretax income; all paid during December of the current year Common stock at the end of the current year $ 15,000 12,000 32,500 71,500 33,700 2,050 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. 111,000 74,000 ? 67,500

[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 fron customera (all considered collectible) Inventory of merebandise (based on physical count and priced at cost) Equipenest owned, at cost lesa used portion Accounts payable owed to suppliern salary payable (on Decenter 31 , this was owed to an employee who will be paid on January 10 ) Fotal sales revenue Expenses, Ineluding the coat of the nerehandise sold (exeluding inecene taxes) Income tax expense at 251x pretax incone; all paid daring December of the current year \$ 15,000 12,000 32,500 71,500 33,700 2,050 111,000 74,000 common stock at the end of the current year 67,500 No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained. Eamings are zero because it is the first year of operations. Required: 1. Prepare a summarized income statement for the year