Painter Corporation was organized by five individuals on January 1 of the current year. At the end of January of the current year, the following monthly financial data are available: Total revenues $ 308,000
Total expenses (excluding income taxes) 193,000
Income tax expense (all unpaid as of January 31) 32,600
Cash balance, January 31 65,250
Receivables from customers (all considered collectible) 32,600
Merchandise inventory (by inventory count at cost) 94,600
Payables to suppliers for merchandise purchased from them (will be paid during February current year) 27,450
Common stock 50,000
No dividends were declared or paid during January.
Required: Complete the following two statements:
PAINTER CORPORATION
Income Statement
Total revenues
Less: Total expenses (excluding income tax)
Pretax income
Less: Income tax expense Net income
Income Statement
Balance sheet
Complete the following statements:
PAINTER CORPORATION
Balance Sheet
Assets
Cash
Receivables from customers
Merchandise inventory
Total assets
Liabilities
Payables to suppliers
Income taxes payable
Total liabilities
Stockholders' Equity Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity