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$)$

$$14,850$

$11,400$

$29,500$

$68,500$

$32,500$

$1,750$

$105,000$

$71,000$

$?$

$64,500$

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

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.

Required:

Prepare a balance sheet at year end.