Ducharme Corporation was organized by five individuals on January 1 of the current year. The following monthly financial data are available at January 31 of the current year.

Total reveme Total expenses (excluding income taxes)

Income tax expense (all paid as at December (31)

Cash

$332,000

200,700

9.050

Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cast)

Payables to suppliers for erchandise purchased from the twill be

said during the fullming year)

Contributed capital (1,200 shares)

38,000 100,500

23,ese

73,000

No dividends were declared during January

Required: 1. Prepare a statement of eamings for the current year.

Enabled: Assignment 1 (i) Ducharme Corporation was organized by five individuals on January 1 of the current year. The following monthly financial data are available at January 31 of the current year: No dividends were declared during January. Required: 1. Prepare a statement of earnings for the current year