1) Painter Corporation was organized by five individuals on January 1, 2013. At the end of January 2013, the following monthly financial data are available:

Total revenues $ 292,000 Total expenses (excluding income taxes) 187,000 Income tax expense (all unpaid as of January 31) 33,400 Cash balance, January 31, 2013 66,950 Receivables from customers (all considered collectible) 33,400 Merchandise inventory (by inventory count at cost) 96,400 Payables to suppliers for merchandise purchased from them (will be paid during February 2013) 26,850 Common stock (2,600 shares) 64,900

No dividends were declared or paid during 2013.

Part A:

Painter Corporation: Income Statement for the month of January 2013

Total revenues:

Less: Total expenses (excluding invome tax):

Pretax income:

Less: Income tax expense:

Net income:

Part B:

Painter Corporation: Balance Sheet at January 31, 2013

Assets

Cash

Receivables from customers

Merchandise Inventory

Total Assets

Liabilities

Payables to suppliers

Income taxes payable

Total liabilities

Stockholders' Equity

Common Stock

Retained earnings

Question 2)

Clints Stonework Corporation was organized on January 1, 2013. For its first two years of operations, it reported the following:

Net income for 2013	$	31,600
Net income for 2014		43,300
Dividends for 2013		14,000
Dividends for 2014		17,800
Total assets at the end of 2013		131,000
Total assets at the end of 2014		250,000
Common stock at the end of 2013		110,000
Common stock at the end of 2014		110,000

Part A: On the basis of the data given, prepare a statement of stockholders equity for 2014.