ment One Sevd Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available: Cash $ 26,300 Receivables from customers (all considered collectible) 13,300 Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion 91,300 46,300 Payables to suppliers of merchandise 55,010 2,650 153,000 Salary payable for 2020 (on December 31, 2020, this was owed to an enployee, but the amount was not paid until January 10, 2021). Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income taxes expense (at 30% of pretax earnings); all paid during 2020 Contributed capital, 8,300 shares outstanding No dividends were declared or paid during 2020. Required: 1. Prepare a summarized statement of earnings for the year ended December 31, 2020. NUCLEAR COMPANY Summary Statement of Earnings 100, 800 83,000 For the Year Ended December 31, 2020 Total sales revenue $ 155,000 Total expenses, excluding income taxes 102,600 Earnings before income taxes 155,000 income tax expense $ 155.000 Prev 1 of 2 Next >> Help Save & Exit