Assume that you are the president of McClaren Corporation. At June 30, 2015, the end of the first year of operations the following financial data for the company are available:

Cash .............................$13,150

Receivables from customers (all considered collectible) ........ 9,500

Inventory of merchandise (based on physical count and priced at cost) ... 57,000

Equipment owned, at cost less used portion ............ 36,000

Payables to suppliers of merchandise ............... 31,500

Salary payable for 2015 (on June 30, 2015, this was owed to an

employee, but the amount was not paid until July 7, 2015) ...... 1,500

Total sales revenue ......................90,000

Expenses, including the cost of the merchandise sold

(excluding income taxes) ...................60,500

Income taxes expense (at 30% of pretax earnings); all paid during 2015.... ?

Contributed capital, 5,000 shares outstanding .............. ?

No dividends were declared or paid during 2015.

Required

1. Prepare a summarized statement of earnings for the year ended June 30, 2015.

2. Prepare a statement of financial position as at June 30, 2015.