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......................................................$305,000

Total expenses (excluding income taxes) ....................... 189.000

Income tax expense (all unpaid as of January 31) ............. 35.000

Cash balance. January 31 .......................................... 65,150

Receivables from customers (all considered collectible) ...... 44,700

Merchandise inventory (by inventory count at cost).......... 94,500

Payables to suppliers for merchandise purchased from them

(will be paid during February of the current year) .............. 25,950

Common stock ....................................................... 62,400

No dividends were declared or paid during January.

Required:

Complete the following two statements:

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PAINTER CORPORATION Income Statement For the Month of January,Current Year Total revenues Less: Total expenses (excluding income tax) Pretax income Less: Income tax expense Net income PAINTER CORPORATION Balance Sheet At January 31, Current Year 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