P$1-1($Algo$)$ Preparing a Statement of Earnings and a Statement of Financial Position L$01-1$

Assume that you are the controller of Nuclear Company. At December $31,$ the end of the first year 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 portion used

Payables to suppliers of merchandise

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 $30\%$ of pretax earnings$)$; all paid during the current year

Contributed capital, $8,100$ shares outstanding

$$26,100$

$13,100$

$91,100$

$46,100$

$56,450$

$2,550$

$151,000$

$99,000$

$?$

$81,000$

No dividends were declared or paid during the current year.

Required:

Prepare a statement of earnings for the year ended December $31.$

$\backslash$table$[[$NUCLEAR COMPANY$],[$Summary Statement of Earnings$],[$For the Year Ended December $31,$ Current Year,$],[,],[,],[,],[,]]$