Clay Corporation was organized on January 1, current year At the end of the current year, the follow

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Clay Corporation was organized on January 1, current year At the end of the current year, the following financial data are available: Total revenues $ 299,000 Total expenses (excluding income taxes) 184,000 Income tax expense (all unpaid as of December 31) 34,500 Cash 70,150 Receivables from customers (all considered collectible) 34,500 Merchandise inventory (by inventory count at cost) 96,600 Payables to suppliers for merchandise purchased from them
(will be paid during February current year) 26,450 Common stock 59,800

No dividends were declared or paid during the first year

Required:

Complete the following two statements:

Need to find balance sheet and income statement

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