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 revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as at December 31) Cash Receivables from customers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them (will be paid during the following year) Contributed capital (3,300 shares) No dividends were declared during January. Required: 1. Prepare a statement of earnings for the current year. DUCHARME CORPORATION Summary Statement of Earnings For the Month of January, Current Year Total revenues Less: Total expenses (excluding income taxes) Earnings before income taxes Less: Income tax expense $ $ 313,000 201,600 111,400 34,939 76,461 $313,000 201,600 34,939 69,350 38,700 100,800 21,550 75,900 N

Ducharme Corporation was organized by five individuals on January 1 of the current year. The following monthly financial data are avallable at January 31 of the current year: No dividends were declared during January. Required: 1. Prepare a statement of eamings for the current year. 2. Prebare a statement of financial nncition at lanuani 21 rurront year