Preparing an Income Statement and Balance Sheet Painter Corporation was organized by five…

 
   

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Preparing an Income Statement and Balance Sheet Painter Corporation was organized by five individuals on January 1, 2011. At the end of January 2011, the following monthly financial data are available:Total revenues………………. $299,000Total expenses (excluding income taxes)…….. 189,000Income tax expense (all unpaid as of January 31)…. 34,500Cash balance, January 31, 2011……….. 65,150Receivables from customers (all considered collectible).. 34,500Merchandise inventory (by inventory count at cost)… 96,600 Payables to suppliers for merchandise purchased from them(will be paid during February 2011)……… 26,450Contributed capital (2,600 shares)……….. 59,800No dividends were declared or paid during 2011.Required:Complete the following twostatements:
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Preparing an Income Statement and Balance Sheet Painter Corporat