expenses (including adv vices amounted to $3.50 using the truck and to three-month period we ALTERNATE PROBLEMS First year (Decembe AP1-1 Required: 1. Prepare a quarter December. Use and Net Income 2. Do you think the after? Explain. LO1-1 Preparing an Income Statement, Statement of Stockholders Equity, and Balance sh Assume that you are the president of Influence Corporation. At the end of the first year ( of operations, the following financial data for the company are available: Assume that you are th $ 13.150 10,900 27.000 66,000 31.500 Comparing Incon Choice Chicken of operations, the lowing table: 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 taxes expense at 30% X Pretax income; all paid during December of the current year Common stock at the end of the current year 1,500 100,000 68,500 a. Services P uncollecte b. Cash bort c. Small sem business d. Wages 62.000 unpaid e. Service which f. Other No dividends were declared or paid during the current year. The beginning balances in Commons and Retained earnings are zero because it is the first year of operations. Required: Using the financial statement exhibits in the chapter as models and showing computations: 1. Prepare a summarized income statement for the year. 2. Prepare a statement of stockholders' equity for the year. 3. Prepare a balance sheet at year-end. at the 8. Base Inc