Preparing an Income Statement and a Statement of Financial Position Ducharme Corporation was organized by five individuals on January 1, 2011. At the end of January 2011, the following monthly financial data are available:

Required:
Complete the following two statements:

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Total revenues $150,000 Total expenses (excluding income taxes) 100,000 Income tax expense (all unpaid as at January 31) 15,000 Cash balance, January 31, 2011 20,000 Receivables from customers (all considered collectable) 25,000 Merchandise inventory (by inventory count at cost) 32,000 Payables to suppliers for merchandise purchased from them (will be paid during February 2011) 11,000 Share capital (2,600 shares) 26,000 Dividends declared in January 2011 10,000